Bathurst Metals Corp. (TSXV: BMV) has concluded a strategic review of its mineral property portfolio, agreeing to assign its option on the Peerless Property to Big Bear Gold Corp. (TSXV: BEAR) in exchange for 3,555,000 BEAR common shares. The Vancouver-based exploration company simultaneously cancelled a previously announced financing, citing a material change in the intended use of proceeds following the divestment decision. The move redirects Bathurst's capital and technical resources entirely toward Turner Lake, its 125 km² flagship gold project in Nunavut. Investors will be watching how the company advances Turner Lake after shedding its British Columbia asset.

Key Points

  • Bathurst Metals Corp. (TSXV: BMV) is an exploration-stage company focused on mineral properties in Nunavut, Canada
  • Bathurst has agreed to assign its Peerless Property option to Big Bear Gold Corp. (TSXV: BEAR) for 3,555,000 BEAR common shares
  • Closing depends on BEAR completing satisfactory due diligence within 90 days and TSX Venture Exchange approval; all shares issued carry a four-month-and-one-day hold period
  • Investors may be watching how Bathurst deploys its refocused strategy at Turner Lake and whether a new financing is arranged

Peerless Property Assignment Agreement and Consideration Structure

Under the assignment and assumption of property option agreement dated September 25, 2026, BEAR will acquire all of Bathurst's rights, interests, and obligations under the original option agreement with the property owner, Stanley R. McClay as bare trustee for BCT Holdings Corp. In consideration, BEAR will issue 3,555,000 of its common shares to Bathurst. Bathurst has also agreed to pay the owner $25,000, applied against outstanding cash payments owed under the Option Agreement. The Peerless Property, located in the Bridge River Mining Camp, British Columbia, carries a 2.5% net smelter returns royalty, of which BEAR may buy back 1.0% for $1,000,000 within six months of the start of commercial production.

Turner Lake: Bathurst's Flagship 125 km² Nunavut Gold Project

Turner Lake is a 125 km² gold project situated in Nunavut within a prospective greenstone belt setting. The release states the property remains under-explored despite historical drilling conducted in 2008 and 2009 that returned several significant gold intercepts across multiple drill holes. Bathurst holds a 100% interest in Turner Lake, along with the TED and Gela Lake projects in Nunavut. The company describes this asset as where it can create the most value for shareholders, and the refocused strategy is intended to concentrate both capital and technical resources on advancing exploration at the property.

New CFO Appointment Supports Restructured Leadership Team

Effective October 1, 2026, Daryn Gordon joins Bathurst as Chief Financial Officer. Mr. Gordon is a Chartered Professional Accountant (CPA, CA) with more than two decades of finance and accounting experience, beginning his career at Grant Thornton LLP and PwC Canada. Over the past fourteen years, the release states, he has provided CFO services to Canadian companies across multiple industries. Mr. Gordon holds a Bachelor of Accounting degree from the University of Lethbridge. The appointment accompanies the broader strategic repositioning as Bathurst realigns its leadership and focus toward Turner Lake.