Wesdome Gold Mines to Acquire Angus Gold for $40 Million
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Wesdome Gold Mines and Angus Gold have entered into a definitive arrangement agreement where Wesdome will acquire all of the issued and outstanding common shares of Angus Gold for $40 million.
“This is a highly logical and strategic tuck-in transaction that brings together a contiguous land package between the Eagle River mine and mill, enhancing our ability to unlock value through the drill bit. It reinforces our belief in the geological potential of the Mishibishu Lake greenstone belt, aligns with our focus on regional consolidation, and positions us to deliver sustainable, long-term growth supported by our strong balance sheet and existing infrastructure,” said Anthea Bath, president and CEO of Wesdome.
“Since 2020, Angus has invested more than $20 million into exploration across the Golden Sky project, generating a pipeline of targets and confirming the geological continuity with Eagle River. Wesdome intends to continue this momentum, focusing on high-priority zones such as the Cameron Lake BIF and Eagle River Splay in 2025. Wesdome remains deeply confident in the prospectivity of the Eagle River camp and the broader potential of our ongoing fill-the-mill strategy. This transaction represents a strategic investment in that vision and underscores our long-term commitment to unlocking value at Eagle River,” added Bath.
“Breanne and her team have done excellent work over the last several years, which has resulted in multiple discoveries and laid the groundwork for further exploration. We believe that now is the right time for Wesdome to assume ownership and build upon the work done by the Angus team. We can add significant value to the property and eventually bring economic deposits into production quickly given the proximity to our existing infrastructure,” concluded Bath.
“On behalf of the board of directors of Angus Gold, we are excited to have reached an agreement with Wesdome. This transaction is a testament to the dedication and diligent work of the Angus team, particularly our exploration team, and we sincerely thank everyone for their excellent work,” said Breanne Beh, president and CEO of Angus Gold.
“Since 2020, through a series of property acquisitions, we consolidated a district-scale land package, completed over 40,000 meters of drilling, and made significant gold discoveries. These accomplishments would not have been possible without the support of our committed stakeholders,” added Beh.
The arrangement is subject to other customary conditions and stock exchange approvals and is expected to close in the second quarter of 2025.
Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’or, Québec. The company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer.
Angus Gold is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The company’s flagship project, which is the Golden Sky Project near Wawa, Ontario, is situated immediately adjacent to Wesdome’s Eagle River mine.
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