Loyalist Exploration Limited (CSE: PNGC) has announced the issuance of 13,400,000 common shares to Fulcrum Metals (Canada) Ltd. in satisfaction of a milestone payment tied to the Tully Gold Project in Ontario. The share issuance follows the confirmation of a National Instrument 43-101 compliant gold resource exceeding 200,000 ounces at the Tully Property, located approximately 25 km northeast of Timmins. The milestone triggers a key obligation under the property purchase agreement signed with Fulcrum, reinforcing the project's development status and Fulcrum's position as a significant Loyalist shareholder.

Key Points

  • Loyalist Exploration Limited (CSE: PNGC) issued 13,400,000 common shares to Fulcrum Metals (Canada) Ltd. as a milestone payment
  • The milestone was triggered by an NI 43-101 technical report confirming total gold resources exceeding 200,000 ounces at the Tully Gold Project
  • An additional 1,600,000 Deferred Shares remain to be issued at a later date under the same purchase agreement
  • Investors may be watching how Fulcrum's increased shareholding influences Loyalist's project advancement strategy at Tully

Tully Gold Project Milestone Triggers Share Issuance Under Purchase Agreement

Under the property purchase agreement dated October 2, 2025, Loyalist committed to issuing a total of 15,000,000 common shares to Fulcrum Metals (Canada) Ltd., a subsidiary of Fulcrum Metals Plc. The 13,400,000 Milestone Shares now issued represent the bulk of that obligation, with the remaining 1,600,000 Deferred Shares to be issued once an updated technical report re-evaluates the gold resource to NI 43-101 standards and total gold resources exceed 200,000 ounces — a threshold the company states has already been met through the technical report released on August 21, 2026.

NI 43-101 Technical Report Validates Over 200,000 Ounces at Tully

Loyalist's CEO Errol Farr stated in the announcement that the updated NI 43-101 technical report confirmed a total gold resource exceeding 200,000 ounces at the Tully Property, which he described as validating work completed to date. The Tully Gold Project is Loyalist's flagship 100%-owned asset, situated in the Timmins Gold Camp of northeastern Ontario. The company characterises the project as an underground gold development opportunity with exploration upside, supported by favourable infrastructure and a modern geological model.

Fulcrum Metals Increases Loyalist Shareholding Through Milestone Agreement

Fulcrum Metals Plc CEO Ryan Mee commented in the release that achieving the resource milestone is "an important step for Tully" and that Fulcrum remains a supportive shareholder. The Milestone Shares are subject to a statutory hold period of four months and one day from the date of issuance under applicable Canadian securities laws. Beyond Tully, Loyalist also holds three additional Timmins-based exploration projects — DeSantis, Gold Rush, and Loveland — though no specific updates on those assets were included in this announcement.