Radius Gold Inc. and Volcanic Gold Mines Inc. announced that they have modified the Option Agreement signed in 2020 to include Radius's Motagua Norte project in exchange for the Banderas project. The work that the Volcanic team has completed to date has demonstrated that Motagua Norte is a high grade orogenic gold system with compelling drill targets. The modified Option Agreement is subject to approval by the TSX Venture Exchange.

As Radius and Volcanic have a common director and two common officers, Volcanic is a "non-arm's length party" to Radius within the meaning of TSX Venture Exchange Policy 5.9. The modified option agreement is not, however, a "related party transaction" as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101") and therefore the requirements of the Exchange's Policy 5.9 and MI 61-101 do not apply.