Nevada Gold Mines LLC has acquired all of Ridgeline Minerals Corp.'s interests in four Nevada gold exploration projects for a one-time cash payment of US$23,150,000, equal to about C$32.7 million at the exchange rate used by the company. The purchase and sale agreement is dated August 3, 2026, and closed effective the same day.
Nevada Gold Mines is a joint venture between Barrick and Newmont. It takes 100% of Ridgeline's interests in the Swift and Black Ridge earn-in agreements and outright ownership of the Bell Creek and Atlas projects, all located in the Carlin and Cortez trends. There are no finder's fees, the parties are at arm's length, and the transaction still requires final approval from the TSX Venture Exchange.
Unlike most micro-cap exploration deals, this one is entirely cash on closing rather than staged payments, share consideration or contingent milestones. That distinction matters: the money is booked, not promised.
According to the company, Ridgeline is left with C$33.0 million in cash and C$3.0 million in marketable securities, the latter consisting of 5.2 million common shares of Spartan Metals. Chief executive Chad Peters said the price represents a 26% premium to Ridgeline's 20-day volume-weighted average price and more than a 350% return on capital invested in the four projects sold. Those are the company's own calculations and are not independently verifiable from the release.
Ridgeline keeps a 97 square kilometre exploration portfolio in Nevada. The main retained asset is its interest in the Selena earn-in agreement with South32, described in the release as a US$20 million arrangement, covering the 2025 Chinchilla sulfide carbonate replacement deposit discovery. Drilling there is being funded by South32, meaning Ridgeline retains exposure without spending its own cash.
Also retained: the Big Blue porphyry copper and carbonate replacement project, where a 2025 drill hole returned 0.6 metres grading 3,297 grams per tonne silver, 0.7% copper and 2.6% tungsten; the Coyote gold project adjacent to Black Ridge; and a 1% net smelter royalty on Spartan Metals' Eagle tungsten project. A net smelter royalty pays the holder a share of revenue from any future production, without exposure to operating costs.
On use of proceeds, the company listed staking new projects in Nevada, pursuing further joint ventures, and assessing acquisitions, mergers, or share or cash dividends. No specific commitments or amounts were given for any of those options.
Technical information in the release was approved by Michael T. Harp, CPG, Ridgeline's vice president of exploration and a qualified person under National Instrument 43-101.
Source: Newsfile
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