Pacific Ridge Exploration (PEX.V) has confirmed it has now exercised its option to acquire full ownership of the RDP copper-gold project in British Columbia. The company was supposed to pay C$125,000 in cash, issue 1.2M shares and spend C$0.81M on exploration when it entered into the acquisition agreement in 2021.
The company has now fulfilled all requirements including the exploration expenditures as partner Antofagasta (ANTO.L) has completed two years of exploration on the asset and the minimum of C$0.81M has definitely been reached after drilling in excess of 3,000 meters. The acquisition of full ownership of RDP means Pacific Ridge now owns four copper-gold projects outright although the RDP subject is obviously subject to the earn-in agreement with Antofagasta which can earn a 75% ownership over an eight year period wherein it has to spend C$10M on exploration (and make cash payments of C$2.15M in total).
Disclosure: The author has a long position in Pacific Ridge Exploration. Pacific Ridge is a sponsor of the website. Please read the disclaimer.
