Gemdale Gold Inc. has agreed to assign its option over the Isoneva Gold Property in Finland to Jesmond Capital Ltd., establishing a new proposed option partner for the asset while preserving the underlying agreement's original terms.

Under the conditional assignment arrangement, Jesmond will assume all of WestGold Metals Corp.'s obligations from closing. Gemdale will retain 100% ownership of the project and continue acting as operator while Jesmond works to complete its earn-in.

To exercise the option following closing, Jesmond must incur remaining aggregate exploration expenditures of C$2,400,000 before the option period expires on June 25, 2028. The incoming partner must also pay Gemdale C$1,000,000 in cash or issue C$4,000,000 worth of common shares. Completion of the transaction is subject to conditions including Jesmond completing its Qualifying Transaction and concurrent financing, alongside the receipt of required regulatory and exchange approvals.

Once the option is exercised, a 100% undivided interest in the property will vest in Jesmond, leaving Gemdale with a 2.0% net smelter returns royalty that can be reduced under specific financial terms.

“We are pleased to welcome Jesmond as our proposed new option partner for the Isoneva Gold Property. We look forward to working closely with the Jesmond team as we continue to advance Isoneva and unlock the significant potential we believe this project holds.”

“The proposed assignment provides a clear path forward while maintaining the original terms of the option agreement, and we look forward to building a strong working relationship with Jesmond as the project progresses.”

— Toby Strauss, President and CEO

Aside from Isoneva, Gemdale's broader portfolio includes the Pontio Gold Project in western Finland. The company recently completed a 5,009-metre Phase 1 drilling campaign at Pontio and initiated a Phase 2 infill program to support a planned maiden mineral resource estimate in early 2027.

Read the full announcement: Gemdale Gold Announces Proposed Assignment of Isoneva Gold Property Option to Jesmond Capital