CJSC Chukotka Mining and Geological Company signed a framework agreement to acquire Kayenmivaam license of Highland Gold Mining Limited for $15 million on June 2, 2020. Highland Gold Mining Limited will receive $15 million in two equal payments for the Kayen property and will also receive a 2% royalty on gold produced and sold from the deposit in excess of 500,000 ounces for a period of 30 years. The consideration is to be paid in cash in two equal installments, the first at closing and the second following the legal transfer of shares. The transaction is subject to approval by Russia's Federal Anti-Monopoly Service and is expected to be completed later in the year 2020. On June 19, 2020, CJSC Chukotka Mining and Geological Company filed with the Russian Federal Anti-monopoly Service (FAS) for clearance for the transaction. On September 9, 2020, CJSC Chukotka Mining and Geological Company received the clearance from the Russian Federal Anti-monopoly Service (FAS). The proceeds will be used by Highland Gold Mining Limited for working capital. John Prior, James Black, Paul Gillam of Numis Securities Limited acted as the financial advisors to Highland Gold Mining Limited. Anton Konnov of Allen & Overy LLP acted as legal advisor to Highland Gold Mining Limited.