Yorbeau Signs Agreement to Sell the Rouyn Property to Australian Investors
YORBEAU RESOURCES INC.
50 Place Crémazie, Suite 403, Montréal, QC, H2P 2T1
www.yorbeauresources.com
PRESS RELEASE
FOR IMMEDIATE RELEASE
YORBEAU SIGNS AGREEMENT TO SELL THE ROUYN PROPERTY TO
AUSTRALIAN INVESTORS
Montreal, October 2, 2024 - Yorbeau Resources Inc. (TSX: YRB) (the “Company” or “Yorbeau”)
is pleased to announce that it has signed, on October 1, 2024, a definitive asset purchase
agreement in the context of a transaction (the “ Transaction”) whereby Lac Gold (Rouyn) Inc.
(“Lac Gold”), a Canadian based subsidiary of Lac Gold Pty Ltd (Au) newly created for purposes
of the Transaction, would, subject to certain conditions, acquire a 100% interest in Yorbeau’s
Rouyn property (the “Property”).
The asset purchase agreement provides that, in consideration of a 100% interest in the Property,
Lac Gold must pay a purchase price of C$25,000,000 to the Company as follows:
C$2,000,000 paid to the Company within 48 hours of signing;
C$3,000,000 payable to the Company on the closing date of the Transaction, but no
later than December 16, 2024; and
three equal instalments of $6,666,666 payable to the Company on each of the second,
third and fourth anniversary of the closing date of the Transaction, collectively making
up the C$20,000,000 unpaid balance of the purchase price, as evidenced by a
promissory note to be issued by Lac Gold to the Company carrying interest at a rate
of 5% per annum.
In addition to the purchase price payable by Lac Gold, upon closing of the Transaction, Lac Gold
will issue and grant to the Company a 2% net smelter royalty (“NSR”) on any minerals produced
from the Property.
Assuming satisfaction of customary closing conditions in respect of the Transaction, title to the
Property shall be transferred to Lac Gold upon payment of the second tranche of C$3,000,000.
Lac Gold has until the fourth anniversary of the closing date of the Transaction to pay the final
instalment on the unpaid balance of the purchase price, but may accelerate any such payment.
Lac Gold’s payment of the unpaid balance of the purchase price, together with accrued and
unpaid interest thereon, will be secured, as of the closing date of the Transaction, by a first-ranking
hypothec on the Property.
Yorbeau intends to use the proceeds from the sale of the Property to fund exploration programs
and pre-development activities on its other properties, as well as for general corporate purposes.
“Yorbeau looks forward and has committed to working closely with the team at Lac Gold in
satisfying all closing conditions expeditiously and closing this transaction as well as assisting Lac
Gold in bringing the Rouyn property into production,” commented G. Bodnar Jr., President and
YORBEAU RESOURCES INC.
50 Place Crémazie, Suite 403, Montréal, QC, H2P 2T1
www.yorbeauresources.com
CFO of Yorbeau. “Terry Kocisko, CEO of Yorbeau, and I are pleased about this new beginning
for Yorbeau. The proceeds from the sale of the Rouyn property (against which Yorbeau intends
to offset accumulated tax attributes), as well as the 2% NSR, will allow Yorbeau to shore up its
balance sheet for many years to come and allocate funds to further delineate resources and
conduct work our numerous other properties. The Yorbeau exploration team, led by Laurent Hallé
P. Geo, will now have the necessary funds to accelerate exploration on key target sites which
shall be announced shortly in our subsequent press releases. We would like to thank our
longstanding shareholders for their continued support and confidence over the last 30 plus years.”
Matthew Keegan, Chairman of Lac Gold stated: “The Rouyn property is an outstanding
opportunity. We are focused on Quebec, being ranked as one of the world’s most attractive mining
investment jurisdictions and it is apparent that the Yorbeau team has defined a considerable
mineral endowment with clear potential to rapidly increase in size. We are looking forward to
commencing our on-ground works, including economic and baseline studies as well as resource
drilling. We are excited to be establishing ourselves in the Rouyn-Noranda district and look
forward to working closely with local stakeholders in developing this district scale package.”
About Yorbeau Resources Inc.
Yorbeau Resources is a Canadian public company (TSX: YRB) involved in gold and base metal
exploration in Quebec, Canada. Upon the sale of the Company’s Rouyn property, the Company
intends to focus on seeking a partner to further explore and develop its Scott Lake zinc copper
deposit near Chibougamau Quebec (refer to Yorbeau’s National Instrument 43-101 compliant
technical report dated December 6, 2017, titled “ Technical Report on the Preliminary Economic
Assessment for the Scott Lake Project, Northwestern Québec, Canada ,” available on the
Company’s SEDAR+ profile at www.sedarplus.ca). Yorbeau also intends to focus on continuing
exploration on its well-located properties in the Detour, Joutel and Selbaie region of north
western Quebec. These properties include the Beschefer property which is adjacent to the B26
base metal deposit now being explored by Abitibi Metals Corp.( AMQ:CHI) and the Selbaie West
property adjacent to Soquem (Wagosic property) where they are presently intersecting base metal
values along the Selbaie mine horizon.
About Lac Gold Pty Ltd
Lac Gold Pty Ltd is an Australian private company established to acquire and develop precious
metal resources. The Lac Gold team is backed by a combination of investors including high net
worth individuals, family offices and resource industry professionals. With the signing of the Rouyn
property acquisition documentation, Lac Gold will shortly initiate its strategy of demonstrating the
viability of developing Rouyn as a new mining operation in Quebec. This work includes economic
and technical studies and expanding the gold resources.
For further information, please contact:
G. Bodnar Jr.
President, Chief Financial Officer
Yorbeau Resources Inc.
Tel: 514-384-2202
YORBEAU RESOURCES INC.
50 Place Crémazie, Suite 403, Montréal, QC, H2P 2T1
www.yorbeauresources.com
Toll free in North America: 1-855-384-2202
Forward-looking statements: Except for statement of historical fact, all statements in this news
release, including, without limitation, statements regarding the Transaction, payments in respect
of the purchase price and the timing thereof, satisfaction of closing conditions, Lac Gold’s future
intentions, development of the Property and any production thereon, the Company’s intended use
of proceeds, including any future exploration plans of the Company, and any statements regarding
future plans and objectives, are forward-looking statements which involve significant risks and
uncertainties. These risks and uncertainties include, but are not limited to, the failure of the parties
to satisfy the closing conditions to the Transaction, failure of the parties to satisfy such conditions
in a timely manner, significant transaction costs and unknown liabilities, risks related to the
payment of the unpaid balance of the purchase price and the timing of any such payments, failure
to realize the expected benefits of the Transaction, risks related to Lac Gold, including its activities
on the Property, and the risk that the Property may not be developed or begin production in a
timely manner, or at all. Failure of the parties to satisfy the conditions to the completion of the
Transaction or to complete the Transaction may result in the Transaction not being completed on
the proposed terms, within the anticipated timeframe, or at all. There can be no assurance that
such statements will prove to be accurate; actual results and future events could differ materially
from those anticipated in such statements. Yorbeau disclaims any obligation to update such
forward-looking statements, other than as required by applicable securities laws.