Harvest Gold Corporation (TSXV: HVG) has announced it has fulfilled all payment obligations under its option agreement with EGR Exploration Ltd., securing a 100% interest in the Urban Barry Property in Quebec's Abitibi region. The acquisition was completed through a combination of $90,000 in cash payments and 1,750,000 common shares issued across multiple tranches. The company also corrected a factual error in an earlier press release concerning its planned 2026 Mosseau drill program. Investors may be watching the milestone as it consolidates Harvest Gold's land position in a belt hosting Gold Fields' Windfall deposit.

Key Points

  • Harvest Gold Corporation (TSXV: HVG) has earned a 100% interest in the Urban Barry Property in Quebec's Abitibi region.
  • The company completed $90,000 in cash payments and issued 1,750,000 common shares to EGR Exploration Ltd. under the option agreement.
  • Total exploration expenditures of $200,000 have been incurred on the property; EGR retains a 2.0% net smelter returns royalty, with a 1% buyback option for $1,000,000.
  • A contingent issuance of 1,000,000 additional shares is triggered if an NI 43-101 inferred resource of 1,000,000 oz AuEq or greater is established on the property.

Terms of the Urban Barry Option Agreement and Share Issuances

Under the option agreement with EGR Exploration Ltd., Harvest Gold made three cash tranches totalling $90,000: $15,000 upon signing and TSXV approval, $30,000 before July 2, 2024, and $45,000 before July 2, 2025. Shares were issued in three tranches — 1,000,000 at $0.03, 500,000 at $0.035 on December 15, 2024, and 250,000 at $0.06 on December 15, 2025. EGR retains a 2.0% net smelter returns royalty, of which 1% may be purchased back for $1,000,000. Harvest Gold is required to complete two years of work commitments prior to returning any claims.

Urban Barry Property Geology and Exploration History

The Urban Barry Property sits within the Urban Barry greenstone belt in the Ralleau and Wilson townships of the Eeyou Istchee James Bay/Abitibi region. The 19 km-long project, averaging 4 km in width, is underlain by volcanic and intrusive rock with structures considered favourable for gold deposits, though extensive overburden cover exists. Harvest Gold has conducted a high-resolution airborne magnetic survey, a property-wide till survey, and prospecting and mapping programs. Total exploration expenditures of $200,000 have been incurred to date, the release states.

Correction to August 12, 2026 Drill Contractor Disclosure

Harvest Gold used the announcement to correct a statement made in its August 12, 2026 press release regarding the drill contractor selected for its planned 2026 Mosseau drill program. The earlier release incorrectly described the contractor as a company approved by Lac Simon; the correction states the contractor was in fact a company partnered with a company owned by a member of Lac Simon. The company did not disclose any operational impact of this correction on the planned drill program in the announcement.