Carolina Rush Corporation has executed the Sixth Amendment to its option agreement for the Brewer Gold-Copper Project in South Carolina, removing the requirement to pay the estimated US$27 million purchase price as a lump sum at closing.

Under the amended terms negotiated with the Brewer Gold Receiver, the acquisition cost will instead be paid in 10 equal annual installments. These payments are conditional and will only start if and when new mining operations are fully permitted by relevant state and federal authorities. Financial assurance obligations at closing can be satisfied through one of five non-cash methods.

President and CEO Layton Croft stated: “The Sixth Amendment significantly improves the commercial terms of our underlying Brewer Option Agreement, thus materially de-risking the Brewer Gold-Copper Project. We can now purchase the Brewer Property without paying any cash until new mining operations are fully permitted. If and when that time comes, our payment plan is spread over a decade. We extend our sincere appreciation to the Brewer Gold Receiver, South Carolina's Department of Environmental Services, and the U.S. Environmental Protection Agency for their steadfast support of Carolina Rush.”

The 912-acre Brewer property in Chesterfield County was historically operated as an open-pit oxide gold mine that produced approximately 178,000 ounces of gold before operations ended in the mid-1990s. Carolina Rush's exploration since 2020 has identified a large and complex magmatic-hydrothermal system containing near-surface gold-copper mineralization and deeper porphyry-style potential.

The company's 2025 maiden Mineral Resource Estimate includes an Indicated resource of 6.2 million tonnes grading 0.97 g/t gold and 0.12% copper containing 192,000 ounces of gold and 16.7 million pounds of copper, an Inferred resource of 8.8 million tonnes grading 0.74 g/t gold and 0.04% copper containing 210,000 ounces of gold and 8.3 million pounds of copper, and an additional Inferred backfill resource of 11.9 million tonnes grading 0.36 g/t gold and 0.03% copper containing 139,000 ounces of gold and 9.7 million pounds of copper.

Brewer is being explored in partnership with OceanaGold Corporation, located 13 km from OceanaGold's producing Haile Gold Mine. Under its earn-in agreement, OceanaGold is required to spend a total of US$8 million by the end of 2027 to earn a 50% interest in the Brewer Project.

Read the full announcement: Carolina Rush Improves Commercial Terms of Brewer Option Agreement with Government