10:24 AM EDT, 07/16/2024 (MT Newswires) -- Brixton Metals ( BBBXF ) on Tuesday entered into a definitive option agreement granting Eldorado Gold Corporation (ELD.TO) the option to acquire 100%-ownership of the Atlin Goldfields Project in British Columbia over a five-year period.

Eldorado will fund total exploration expenditures of $5.35 million and make cash payments to Brixton of $1.1 million over the five year period.

At the end of the five years, Eldorado may acquire 100% ownership of Atlin by paying $7 million in cash. Brixton can elect to receive up to 50% of the payment in Eldorado shares. Brixton will also be granted a 1% net smelter return royalty (NSR). Eldorado may purchase half of that NSR for $2 million prior to the commencement of commercial production at the Project.

During the Option Period, Brixton shall be the Operator of the Project with Eldorado approving all work programs and budgets relating to it. Eldorado will also work closely and support Brixton with respect to ongoing environmental monitoring and community engagement efforts.