Fremont Gold Ltd. (TSXV:FRE) signed letter of intent to acquire 90% stake in Mendia Resources Corp. for approximately $0.35 million on May 9, 2023. The payment option is spread over 4.5 years.

The staged payments are as follows: On completion of the definitive agreement ('Closing'), the Company shall pay $100,000 in cash and issue 500,000 Fremont common shares to the Optionor, and initiate specified exploration work on the Vardenis property, including a minimum of 2,500 meters of diamond drilling within 18 months; completion of which will earn the Company a 51% equity ownership interest in Mendia; 18 months following Closing, the Company shall pay an additional $150,000 in cash, issue 700,000 Fremont common shares to the Optionor, and initiate further exploration work on the Vardenis property, including an additional 5000 meters of drilling within 3 years following Closing; completion of which will earn the Company an additional 29% equity ownership interest in Mendia (for a total of an 80% equity ownership interest); 36 months following Closing, the Company shall pay an additional $100,000 in cash, issue 1,000,000 Fremont common shares to the Optionor, and initiate additional exploration work including a preliminary economic assessment (PEA) level study within 4.5 years following Closing; completion of which will earn the Company an additional 10% equity ownership interest in Mendia (for a total of a 90% equity ownership interest); Subsequent to the Company's acquisition of a 90% interest in Mendia, the Optionor has the right to retain a 10% interest in Mendia by contributing 10% of costs moving forward; If the Optionor declines this right, the Company has the option to purchase the remaining 10% equity in Mendia for $3,500,000 in either cash or equivalent in Fremont shares. If this option to purchase the remaining 10% is not exercised by the Company, and the Optionor does not meet their contribution commitments, the Optionor's residual interest in Mendia will be converted to a 1.0% net smelter return royalty once their interest falls below 5%. Closing is subject to the satisfactory completion of due diligence and the execution of a definitive option agreement with the Optionor on or before June 20, 2023.

As of June 6, 2023, Fremont Gold has executed a definitive option agreement to acquire up to 100% interest in Mendia Resources.