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St. Augustine Announces Acquisition of Additional Interest in Kingking Copper Gold Project

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St. Augustine Gold and Copper Limited has finalized a significant restructuring agreement with Nadecor regarding the KingKing Copper Gold Project in the Philippines. The company issued a $9.12M convertible note to Nadecor, convertible into 185M shares at $0.0493 per share within 6 months. In exchange, St. Augustine acquired all shares of Kingking Milling Corporation, which holds development rights to the Project. The exploration and development permits are held by Kingking Mining Corporation, owned 40% each by St. Augustine and Nadecor, and 20% by Queensberry Mining. Through ore sales and royalty agreements, Kingking Milling Corporation gains rights to process and market ore, while Kingking Mining Corporation receives a 7% royalty on net income. This restructuring optimizes the company's economic interest and positions the Project for external financing opportunities.
St. Augustine Gold and Copper Limited ha finalizzato un importante accordo di ristrutturazione con Nadecor riguardo al progetto KingKing Copper Gold nelle Filippine. La società ha emesso una nota convertibile da 9,12 milioni di dollari a favore di Nadecor, convertibile in 185 milioni di azioni a 0,0493 dollari per azione entro 6 mesi. In cambio, St. Augustine ha acquisito tutte le azioni di Kingking Milling Corporation, che detiene i diritti di sviluppo del progetto. I permessi di esplorazione e sviluppo sono detenuti da Kingking Mining Corporation, posseduta al 40% sia da St. Augustine che da Nadecor, e al 20% da Queensberry Mining. Attraverso accordi di vendita del minerale e di royalty, Kingking Milling Corporation ottiene i diritti per processare e commercializzare il minerale, mentre Kingking Mining Corporation riceve una royalty del 7% sul reddito netto. Questa ristrutturazione ottimizza l'interesse economico della società e prepara il progetto a opportunità di finanziamento esterno.
St. Augustine Gold and Copper Limited ha finalizado un importante acuerdo de reestructuración con Nadecor en relación con el proyecto KingKing Copper Gold en Filipinas. La compañía emitió una nota convertible por 9,12 millones de dólares a favor de Nadecor, convertible en 185 millones de acciones a 0,0493 dólares por acción en un plazo de 6 meses. A cambio, St. Augustine adquirió todas las acciones de Kingking Milling Corporation, que posee los derechos de desarrollo del proyecto. Los permisos de exploración y desarrollo están en manos de Kingking Mining Corporation, propiedad en un 40% tanto de St. Augustine como de Nadecor, y en un 20% de Queensberry Mining. A través de acuerdos de venta de mineral y regalías, Kingking Milling Corporation obtiene derechos para procesar y comercializar el mineral, mientras que Kingking Mining Corporation recibe una regalía del 7% sobre los ingresos netos. Esta reestructuración optimiza el interés económico de la empresa y posiciona el proyecto para oportunidades de financiamiento externo.
St. Augustine Gold and Copper Limited는 필리핀의 KingKing Copper Gold 프로젝트와 관련하여 Nadecor와 중요한 구조조정 계약을 완료했습니다. 회사는 Nadecor에게 9.12백만 달러 규모의 전환사채를 발행했으며, 이는 6개월 이내에 주당 0.0493달러에 1억 8,500만 주로 전환 가능합니다. 그 대가로 St. Augustine는 프로젝트 개발 권리를 보유한 Kingking Milling Corporation의 모든 주식을 인수했습니다. 탐사 및 개발 허가는 St. Augustine와 Nadecor가 각각 40%, Queensberry Mining이 20% 소유한 Kingking Mining Corporation이 보유하고 있습니다. 광석 판매 및 로열티 계약을 통해 Kingking Milling Corporation은 광석을 가공하고 판매할 권리를 얻고, Kingking Mining Corporation은 순수입의 7% 로열티를 받습니다. 이번 구조조정은 회사의 경제적 이익을 최적화하고 프로젝트를 외부 자금 조달 기회에 적합하게 만듭니다.
St. Augustine Gold and Copper Limited a finalisé un accord de restructuration important avec Nadecor concernant le projet KingKing Copper Gold aux Philippines. La société a émis une note convertible de 9,12 millions de dollars à Nadecor, convertible en 185 millions d’actions à 0,0493 dollar par action dans un délai de 6 mois. En échange, St. Augustine a acquis toutes les actions de Kingking Milling Corporation, qui détient les droits de développement du projet. Les permis d’exploration et de développement sont détenus par Kingking Mining Corporation, détenue à 40 % chacun par St. Augustine et Nadecor, et à 20 % par Queensberry Mining. Grâce à des accords de vente de minerai et de redevances, Kingking Milling Corporation obtient les droits de traiter et commercialiser le minerai, tandis que Kingking Mining Corporation perçoit une redevance de 7 % sur le revenu net. Cette restructuration optimise l’intérêt économique de la société et positionne le projet pour des opportunités de financement externe.
St. Augustine Gold and Copper Limited hat eine bedeutende Umstrukturierungsvereinbarung mit Nadecor bezüglich des KingKing Copper Gold Projekts auf den Philippinen abgeschlossen. Das Unternehmen hat eine wandelbare Schuldverschreibung über 9,12 Mio. USD an Nadecor ausgegeben, die innerhalb von 6 Monaten in 185 Mio. Aktien zu je 0,0493 USD umgewandelt werden kann. Im Gegenzug erwarb St. Augustine alle Anteile an der Kingking Milling Corporation, die die Entwicklungsrechte am Projekt hält. Die Explorations- und Entwicklungsgenehmigungen liegen bei der Kingking Mining Corporation, die zu 40 % jeweils von St. Augustine und Nadecor sowie zu 20 % von Queensberry Mining gehalten wird. Durch Erzverkaufs- und Lizenzvereinbarungen erhält die Kingking Milling Corporation das Recht, Erz zu verarbeiten und zu vermarkten, während die Kingking Mining Corporation eine Lizenzgebühr von 7 % auf den Nettogewinn erhält. Diese Umstrukturierung optimiert das wirtschaftliche Interesse des Unternehmens und positioniert das Projekt für externe Finanzierungsmöglichkeiten.
Positive
  • Acquisition of Kingking Milling Corporation provides direct control over development rights
  • Strategic restructuring optimizes economic interest in the Project
  • New structure facilitates potential project financing from outside parties
  • 7% royalty on net income secured from ore processing operations
Negative
  • Potential share dilution with 185M new shares if convertible note is converted
  • Complex ownership structure with multiple entities involved in the project
  • 6-month deadline for mandatory note conversion could create time pressure

Singapore, Singapore--(Newsfile Corp. - May 30, 2025) - St. Augustine Gold and Copper Limited (TSX: SAU) ("St. Augustine" or the "Company") is pleased to announce that it has closed its previously announced (May 20, 2025) agreement with its co-venture partner Nationwide Development Corporation ("Nadecor") to restructure the ownership interests in the KingKing Copper Gold Project (the "Project") located in the Philippines. The Company issued a convertible note to Nadecor in the amount of $9,120,500, convertible into 185,000,000 million Company shares at a deemed price of $0.0493. In return St. Augustine acquired all the outstanding shares of Nadecor's subsidiary Kingking Milling Corporation, which holds the development rights to the Project.

The note bears no interest and is assignable by Nadecor, including to its shareholders, at its discretion. Conversion must take place within 6 months.

The exploration and development permits issued by the Philippine government for the Project are held by Kingking Mining Corporation which is owned 40% by the Company, 40% by Nadecor and 20% by Queensberry Mining and Development Corp., the largest shareholder of the Company. Kingking Mining Corporation has entered into ore sales and royalty agreements with Kingking Milling Corporation which has given Kingking Milling Corporation the rights to, process, mill and market all ore recovered from the Project. In return Kingking Mining Corporation receives a 7% royalty on net income and certain payments for ore delivered for milling.

This structure provides optimal economic interest in the Project to the Company, setting the stage for project finance from outside parties in various forms.

About St. Augustine

St. Augustine (SAU.T) is a TSX-listed mining company focused on the development of the Kingking Copper-Gold Project. The Project is one of the largest undeveloped copper-gold deposits in the world and is listed as a top three-priority mining project by the Philippine government.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact included herein are forward looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. While we consider these assumptions to be reasonable based on currently available information, they may prove to be incorrect. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from the Company's current expectations, including changes in market conditions, governmental or regulatory developments and general economic conditions. Other risks and uncertainties related to the Company are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 31, 2025 and filed with Canadian securities regulatory authorities on the SEDAR+ website atwww.sedarplus.ca. Forward-looking information contained in this announcement is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should nor rely on this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law.

For more information:

Lenna Mae Leopoldo
Investor and Public Relations Contact
T: +6382 225 0884
E: lleopoldo@kingking.ph

ST. AUGUSTINE CORPORATE HEADQUARTERS
No.21, Greenwood Lane,
Singapore, 286949 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254102

FAQ

What is the value of St. Augustine's convertible note issued to Nadecor for the Kingking Project?

St. Augustine issued a convertible note worth $9,120,500 to Nadecor, convertible into 185 million shares at $0.0493 per share

How is the ownership of Kingking Mining Corporation structured?

Kingking Mining Corporation is owned 40% by St. Augustine, 40% by Nadecor, and 20% by Queensberry Mining and Development Corp

What royalty does Kingking Mining Corporation receive from the project?

Kingking Mining Corporation receives a 7% royalty on net income plus certain payments for ore delivered for milling

What is the conversion period for the Nadecor convertible note?

The convertible note must be converted within 6 months and bears no interest

What rights did St. Augustine acquire through Kingking Milling Corporation?

St. Augustine acquired the rights to process, mill, and market all ore recovered from the Kingking Copper Gold Project
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St. Augustine Announces Acquisition of Remaining Interest in KingKing Copper Gold Project

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