G Mining Ventures (GMIN.TO) was up, but off session highs early on Friday as it closed the acquisition from BHP Group of tenements, including the CentroGold Project, in Brazil's prospective Gurupi Gold Belt.
The company said it will, in consideration for the acquisition, grant BHP a 1% Net Smelter Return (NSR) royalty on the first one million ounces of gold produced at the tenements and a 1.5% NSR royalty on gold production thereafter.
GMIN said it plans to update the Project's JORC-compliant gold resource in the first quarter of 2025.
The company added that its board of directors is now comprised of 11 members with the appointment of Vincent Benoit, effective Dec. 20. According to the GMIN statement, Benoit "identified and executed" the combinations with Evolution Mining Limited (ASX:EVN) and Endeavour Mining plc (EDV.TO), positioning La Mancha as a leading private investor in the gold mining sector.
GMIN was last seen up $0.05 or 0.5%, at $10.55 in early trade on the Toronto Stock Exchange, but off a day high $10.63.
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