A wholly owned subsidiary of South32 Limited has exercised its top-up right to preserve its 19.9% equity interest in American Eagle Gold Corp. through a conditional share placement, ensuring its stake remains at 19.9% upon closing.

Under the investor rights agreement executed between American Eagle and South32 on November 26, 2024, the company will issue 660,000 common shares at a price of C$1.09 per share to generate gross proceeds of C$719,400. The transaction involves no warrants and incurs no finder's fees, with proceeds earmarked for general corporate and working capital needs.

Upon closing, South32’s holdings will rise from 40,331,069 shares, representing roughly 19.7%, to 40,991,069 shares to restore its exact 19.9% non-diluted interest. Completion of the offering is expected on or before August 28, 2026, contingent on customary regulatory clearances and acceptance by the TSX Venture Exchange.

"South32's continued support speaks to the quality of the NAK project and the work our team has put in," said Anthony Moreau, Chief Executive Officer of American Eagle. "We are in the middle of our largest drill program to date, designed to grow both the size and the grade of the deposit. With more than C$50 million in the treasury, American Eagle is well capitalized to advance NAK and prove out its full potential. We expect 2026 to be a pivotal year, with a steady flow of drill results carrying into 2027. Additional assays are expected imminently, and we look forward to building the NAK story throughout what we believe will be a transformational year."

— Anthony Moreau, Chief Executive Officer

Read the full announcement: American Eagle Announces Top-Up Investment from South32 to Maintain 19.9% Ownership Interest