Forge Resources Corp. Stock Price, News & Analysis

Forge Resources Corp (FRGGF) has announced plans to increase its ownership in Aion Mining Corp from 60% to 80% through an anti-dilution agreement. The company will acquire 3,963,807 shares for $2,299,008.06, paid through:

- 1,741,804 common shares at $0.91 per share
- $713,966.42 via promissory notes at 6.5% annual interest

The promissory notes will mature in two years or upon completion of $3 million in hard dollar financings. The transaction involves non-arm's length parties, including directors Cole McClay and Camilo Cordovez. The deal requires CSE approval, and completion is not guaranteed.

Forge Resources Corp. (FRGGF) has announced a planned 4,000-metre diamond drill program at its Alotta Property in Yukon. The program will comprise approximately 12 drill holes, each ranging from 300 to 350 metres, targeting step-outs in the Payoff Zone and unexplored geophysical and geochemical anomalies.

The Alotta Property is strategically located 40 kilometers south of Western Copper's Casino Deposit, one of the world's largest undeveloped gold-copper porphyry deposits. Previous exploration, consisting of six diamond drill holes totaling 2,659 metres, has revealed significant gold, copper, and molybdenum mineralization associated with quartz-sericite-pyrite alteration.

The spring/summer 2025 exploration program, designed in collaboration with Archer Cathro and Associates, will focus on a 4 km by 1 km area. The initiative is driven by current record-high gold prices and aims to advance the property's development potential.

Forge Resources Corp (OTCQB: FRGGF) has reported progress at its La Estrella coal project, highlighting the completion of the main portal and ongoing underground development of a 170-metre decline for a 20,000-tonne bulk sampling program. The company is currently evaluating proposals for on-site housing facilities to accommodate miners and engineers.

The mining camp construction will utilize local labor and sustainably sourced materials, supporting regional economic development while maintaining cost efficiency in Colombia. The company is also exploring opportunities to expand its Colombian coal project portfolio through potential acquisitions of both producing and pre-permitted concessions.

Additionally, Forge Resources has engaged Machai Capital Inc. for a 3-month digital marketing services agreement starting April 10, 2025, with a fee of CAD 285,000.

Forge Resources Corp (OTCQB: FRGGF) has completed an executive site visit to its fully permitted La Estrella coal project in Santander, Colombia. The visit focused on inspecting the development of a planned 170-metre decline aimed at accessing high-quality coal seams for a 20,000 metric tonne bulk sampling program.

Project Director Emelio Genes led the team, accompanied by a Canadian mining engineer, in reviewing technical engineering aspects of the underground decline construction. The project is reported to be on schedule with ongoing scaling of underground operations.

During the visit, the executive team also explored various regions of Colombia to evaluate additional coal concessions and engage with local industry stakeholders, seeking opportunities to expand their project portfolio in one of the world's top thermal and coking coal producing countries.

Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has completed the main portal construction at its fully permitted La Estrella coal project in Santander, Colombia. The portal, constructed by AB INGENIERÍA Y CONSTRUCCIÓN SAS, will serve as the primary access point for underground operations.

This milestone enables the company to proceed with underground exploration activities, including the development of a 170-metre decline to the first planned crosscut. The project aims to secure a 20,000 Metric tonne bulk sample of metallurgical and thermal coal from 6 seams.

The company is now focusing on transitioning to the underground phase while continuing to develop key infrastructure and initiating underground exploration activities.

Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has successfully closed an oversubscribed non-brokered private placement, raising $3,625,597.25 by issuing 6,591,995 units at $0.55 per unit. This significantly exceeded the initial target of $2.5 million.

Each unit comprises one Common Share and one Warrant, with the latter allowing purchase of one Common Share at $0.70 for 5 years. The company paid finder's fees to three parties, including cash commission and warrants. CEO PJ Murphy participated by purchasing 909,090 units for approximately $500,000, representing 13.8% of issued units.

The proceeds will be used to increase the company's interest in Aion Mining Corp to 60% for the La Estrella Project development, make option payments on the Alotta Project, and provide working capital.

Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) reports significant progress at its La Estrella Coal Mine in Colombia, with the main portal construction reaching 90% completion. The portal, designed by AB INGENIERÍA Y CONSTRUCCIÓN SAS, will enable access to untapped coal reserves and facilitate a 20,000 Metric tonne bulk sample of metallurgical and thermal coal.

The company appointed Emilio Gene as Project Manager, bringing 16 years of underground coal mining expertise. Additionally, Forge Resources announced marketing agreements with Walk the Street Capital ($120,000 CAD plus 250,000 options) and RMK Marking Inc. ($375,000 CAD) for digital marketing services.

The company also announced a non-brokered private placement to raise up to $2,500,000 through the sale of units at $0.55 each, with insiders expected to participate for $1,000,000. Proceeds will fund La Estrella Property development and the acquisition of up to 60% of Aion Mining Corp.

Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has announced an extension of the exclusivity period for its non-binding letter of intent (LOI) with Aion Mining Corp until February 7, 2025. The transaction involves FRG acquiring additional Aion shares for $5,000,000, consisting of $4,000,000 in cash and $1,000,000 in FRG common shares at closing price.

The deal includes anti-dilution rights for 12 months post-closing and a 4-year right of first refusal on Aion's equity financings, allowing FRG to maintain a 60% controlling position in Aion's voting securities. The transaction remains subject to due diligence, necessary approvals, and a definitive agreement. Notably, Aion is a non-arm's length party due to shared director Cole McClay and officer Camilo Cordovez.

Forge Resources Corp (CSE: FRG, OTCQB: FRGGF) has extended its exclusivity period to January 16, 2025, regarding its non-binding letter of intent to acquire additional shares in Aion Mining Corp. The proposed transaction aims to increase Forge's ownership to 60% of Aion for $5,000,000, consisting of $4,000,000 in cash and $1,000,000 in common shares.

The deal includes anti-dilution rights for 12 months post-closing and a 4-year right of first refusal on Aion's equity financings. Aion plans to use the proceeds for the La Estrella project, including underground decline development and operational expenses. The company has completed its audit for fiscal years 2022-2023 by WDM Chartered Accountants and received an independent valuation from Evans and Evans, Inc.