Toogood Gold Corp. (TSXV: TGC) has received formal approval from the TSX Venture Exchange for its option agreement to acquire the Table Mountain gold-silver project in Lincoln County, Nevada. This milestone transitions the project from a binding letter of intent signed earlier this year into a definitive legal commitment, securing the company the exclusive right to earn a 100% interest in the undrilled, low-sulphidation epithermal system.

Following the receipt of regulatory approval, the company has issued an initial payment of 1,000,000 common shares at a deemed price of $0.10 per share. These shares were split equally between the project vendors, GenEx Exploration Inc. and Altius Resources Inc. Additionally, the company reimbursed the Canadian optionors approximately US$31,791 to cover historical staking costs associated with the property. Shares of the company closed at $0.11 on July 16, 2026, marking a 10.00% gain on the day of the announcement.

To fully vest the 100% interest, the company must issue a total of 16,683,431 common shares over a two-year period, inclusive of the initial payment. Future tranches are scheduled to be released in three installments, with the final payment due on the second anniversary of the TSXV approval date. The project is also subject to a 3.0% net smelter returns royalty. Under the terms of the agreement, the company maintains two distinct buy-down rights that could reduce this royalty to 2.0% in exchange for specified cash payments triggered by project development milestones, including the completion of a prefeasibility or feasibility study.

The Table Mountain acquisition represents a core component of the company’s dual-focus exploration strategy, which also encompasses a district-scale land package in Newfoundland. To support the technical advancement of these assets, the company appointed Lee Hess as Vice President of Exploration in April 2026. His mandate includes overseeing the geological modelling and target generation programs that are currently active across the Nevada and Newfoundland portfolios.

This development follows a period of intensive field work at the project, where the technical team has recently concluded an expansive exploration program. This included the collection of over 6,000 soil samples and extensive geophysical surveys designed to define drill-ready targets within the large alteration cell. With the legal framework now finalized and approved, the company moves forward with full operational control over the project area, continuing its efforts to unlock the potential of the epithermal system.

Read the full announcement: Toogood Gold Receives TSXV Approval and Issues Shares Pursuant to Table Mountain Option Agreement