Interesting gold project in the Red Lake district

In 2019, Portofino Resources (TSX.V: POR, FSE: POTA, WKN: A2PBJT) entered into an option agreement with EMX Royalty Corp. to acquire the gold project, South of Otter near Red Lake. The agreement provided for Portofino to acquire 100 per cent of the property by making cash payments of 70,000 Canadian dollars (CAD) and issuing 500,000 shares within four years.

The original contractual agreement has now been implemented in a slightly modified form. This will take the form of a final payment of 25,000 Canadian dollars, half of which will be made in shares and half in cash. The shares in Portofino Resources must be delivered by 5 February 2024 and the cash payment must be made by 28 February 2024 in accordance with the agreement.

If both conditions are met, Portofino Resources will then be the 100% owner of the South of Otter gold project, as all conditions in the original agreement have already been met except for the final payment of CAD 25,000.

Based on the volume weighted average price of Portofino shares over the last 30 days, 176,056 shares will now be issued to EMX Royalty at a value of C$0.071 per share. Following the final payment, Portofino Resources will own a 100 per cent interest in the South of Otter claims, subject to a 1.5 per cent NSR.

Interesting gold project in the Red Lake district

The South of Otter gold project is located approximately 40 kilometres southeast of the town of Red Lake in the Canadian province of Ontario. Only eight kilometres away is the Great Bear Resources project, which was acquired by Kinross Gold for CAD 1.8 billion. The property contains excellent targets for both Red Lake-style gold mineralisation and gold-bearing base metal deposits.

Previous exploration work conducted by Portofino Resources over the past several years includes mapping, soil geochemical sampling, trench sampling and airborne geophysical surveys. Drill targets have also already been identified.

The amended terms and the issuance of shares are subject to approval by the TSX Venture Exchange.

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According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, clients or employees of GOLDINVEST Consulting GmbH hold shares in Portofino Resources and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares in the company at any time. Under certain circumstances, this may influence the respective share price of the company. GOLDINVEST Consulting GmbH currently has a contractual relationship with the company about which reports are published on the GOLDINVEST Consulting GmbH website, in the social media, on partner sites or in emails, which also constitutes a conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by GOLDINVEST Consulting GmbH for publications on Portofino Resources. Furthermore, we cannot rule out the possibility that other market letters, media or research companies may discuss the stocks we recommend during the same period. Therefore, there may be a symmetrical generation of information and opinions during this period. No guarantee can be given for the accuracy of the prices quoted in the publication.

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