GGL Resources Corp. Updates the Status of its Earn-In Agreement on its Gold Point High-Grade Gold-Silver Project, Nevada

Core Viewpoint - GGL Resources Corp. has provided an update on its earn-in agreement with Nelson Resources Limited regarding the Gold Point high-grade gold-silver project in Nevada, allowing NES to acquire up to a 90% interest in the project [1]. Acquisition Terms - NES will initially acquire a 25% interest in the Gold Point Project through a cash payment of USD$191,617, which includes USD$141,617 for exploration expenditures and USD$50,000 [3]. - NES will issue shares valued at AUD$325,000 based on the 20-day volume weighted average price prior to the transaction announcement, subject to a 12-month voluntary escrow [4]. - GGL will receive 1,094,166,666 Performance Rights upon closing, which will vest in two tranches based on specific conditions [4]. - A 2% net smelter returns royalty will be applicable on all minerals extracted, with NES having the option to buy back 50% of the royalty for up to USD$1,000,000 [4]. Earn-In Terms - NES can earn up to a 90% interest in the Gold Point Project by incurring total expenditures of USD$3,000,000 and making consideration payments to GGL [5]. - Stage 1 requires NES to earn 45% interest within 12 months by issuing shares valued at AUD$162,500, spending USD$250,000 on exploration, and making cash payments totaling USD$175,000 [5][6]. - Stage 2 requires NES to earn 65% interest within 24 months with similar share issuance and increased cash and exploration expenditures [6][7]. - Stage 3 allows NES to earn 90% interest within 36 months with further share issuance and significant cash and exploration expenditures [7]. Performance Rights - GGL will receive performance rights that can convert into shares or cash based on specific performance hurdles [10]. - Tranche 1 requires NES to announce a JORC Code compliant mineral resource estimate of at least 1 million ounces of gold at a minimum grade of 1.5 g/t, granting GGL 420,833,333 performance rights or a USD$1,250,000 cash payment [11]. - Tranche 2 requires NES to announce the commencement of production, granting GGL 673,333,333 performance rights or a USD$2,000,000 cash payment [12]. Fees and Royalties - GGL will pay a Finder's Fee of 6% to International Island Group on initial and Stage 1 payments, totaling USD$3,000 and AUD$19,500 in shares [13]. - A disposition fee of 5% of Earn-In payments will be paid to Nevada Rand, with an initial fee of USD$2,500 and AUD$16,250 in shares [13]. - Nevada Rand is entitled to 5% of the performance rights, up to a maximum of 54,708,333 performance rights, contingent on NES completing the performance hurdles [13]. Company Overview - GGL Resources Corp. is a Canadian-based junior exploration company focused on under-evaluated mineral assets in stable mining jurisdictions, including the Gold Point Project in Nevada [18].