Northern Discovery to Buy Cibola Copper-Gold Project in BC

Northern Discovery Metals has agreed to acquire a 100% interest in the Cibola copper-gold porphyry project in British Columbia from Orogen Royalties for $130,000 in cash and 700,000 common shares, expanding its mineral portfolio in the region.

"Cibola broadens our exploration portfolio with a road-accessible copper-gold-molybdenum target supported by several generations of geological and geophysical work," said Jared Suchan, Ph.D., P.Geo., Chief Executive Officer and Director of Northern Discovery, in a statement regarding the agreement.

Transaction Structure and Milestone Payments

The October 7, 2026, agreement splits the total consideration of $130,000 and 700,000 common shares into three payments. The initial closing requires a payment of $30,000 alongside 100,000 common shares.

A second installment of $50,000 and 300,000 shares is tied to obtaining a drilling permit or hitting a deadline of July 31, 2027. The final installment of $50,000 and 300,000 shares comes due six months after receiving that drilling permit, or by December 31, 2027.

Property Details and Royalty Terms

The Cibola property spans approximately 3,567 hectares of road-accessible mineral claims situated roughly 90 kilometres south-southwest of Houston, British Columbia. As part of the transaction, Orogen Royalties will retain a 2% net smelter returns royalty.

"The Cibola project resulted from a consolidation of several claims through staking and third-party agreements and follow up sampling and geophysical work over the past two years," commented Orogen CEO Paddy Nicol.

The 2% royalty can be reduced to 1.5% for a cash payment of $5,000,000 following the completion of either a pre-feasibility or a feasibility study on the property.