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Vancouver, British Columbia--(Newsfile Corp. - April 1, 2025) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) (OTC Pink: WARAF) (the "Company" or "Waraba") would like to make a correction to its release dated March 25, 2025 (the "Release").
It has been noted that the Release erroneously makes reference to a licence known as the "Tiegba" license; this reference is not correct and should be disregarded. Accordingly the relevant section of the Release (titled "Ivory Coast Earn In Details") should therefore be read as follows, in substitution for the original wording. All other details remain the same as previously announced.
Ivory Coast Earn In Details - Corrected
Under the terms of the Earn-In Term Sheet, between the Company, Somaco and the shareholders of Somaco (the "Vendors"), the Company will be able to earn-in up to 80% of Somaco over the next 4 years.
The initial consideration to be paid to the Vendors is US$500,000 and payment will be made within the next two months; an additional US$1.5 million will be paid to the Vendors over the following 2 years. In addition, in order to earn the full 80% of Somaco, the Company is required to fulfil exploration commitments of US$5 million over the next 4 years. Finally, the Company will issue the Vendors in aggregate 6,000,0000 common shares of the Company (which will be subject to a statutory 4-month and one day hold) upon entering into a definitive joint venture agreement (the "JVA Signing").
Somaco holds two prospective gold licence applications, awaiting ministerial approval, in northern Ivory Coast, known as the Sirasso License and the Tengrela License.
The Sirasso License, covering 369.34 km², lies along the prolific Senoufou greenstone belt, approximately 70 km south of Barrick Gold's 4.5Moz Tongon mine, and this Sirasso License was initially held in joint venture with Barrick Gold.
The Tengrela License covering 398.7 km², is located between the Sissengue and Mahale permits, within a region structurally connected to the Syama mineralized shear zone.
Pursuant to the the Earn-In Term Sheet, the Vendors will be granted a 2% net smelter return royalty on the Licenses.
About Waraba Gold Limited
The Company is a resource exploration company that is acquiring and exploring mineral properties. The Company is a reporting issuer in the provinces of British Columbia and Alberta. The Company's common shares trade on the Canadian Securities Exchange under the trading symbol "WBGD" and on the Frankfurt Stock Exchange under the trading symbol "ZE0".