Antler Gold Inc. has signed a binding Letter of Intent with Fortress Asset Management LLC, granting Fortress the option to acquire a 100% interest in the Erongo Central Gold Project for US$ 5.5 million, along with significant exploration commitments.

Information on the Target

Antler Gold Inc. (“Antler” or the “Company”), headquartered in Halifax, Nova Scotia, has announced a significant development concerning its subsidiary, Antler Gold Namibia (Pty) Ltd (“Antler Nam”). The company has entered into a binding Letter Of Intent (LOI) with Fortress Asset Management LLC (“Fortress” or the “Optionee”), a private company operating at arm’s length. This agreement allows Fortress to acquire up to a 100% interest in Antler’s Erongo Central Gold Project (the “Project”) over a period of three years. The total consideration for the acquisition will amount to US$ 5.5 million, alongside a commitment to invest US$ 6.0 million in exploration expenditures and the issuance of a 2% net smelter return (NSR) to Antler across the entire Project.

Industry Overview in Namibia

Namibia is recognized as a rich mining jurisdiction in southern Africa, with significant deposits of gold, uranium, and base metals. The country’s mining industry has long been a cornerstone of its economy, contributing extensively to the national GDP and providing numerous employment opportunities. The government has established a supportive regulatory framework to attract foreign investment, which has fostered the development of multiple successful mining projects.

The gold sector has witnessed substantial growth in recent years, driven by increasing global demand for the precious metal. This position is bolstered by Namibia's favorable geological setting, particu