04:13 PM EDT, 03/16/2026 (MT Newswires) -- GGL Resources ( GGLXF ) on Monday updated the status of its agreement with Australian Securities Exchange-listed Nelson Resources (NES), by which NES can acquire up to a 90% interest in GGL's high-grade, gold-silver Gold Point Project located in the Walker Lane District, Nevada.

This agreement is subject to TSX Venture Exchange acceptance as well as GGL obtaining disinterested shareholder approval by way of written consents from disinterested shareholders holding greater than 50% of the total number of shares held by disinterested shareholders, the company said.

As per the acquisition terms, upon completion of the acquisition, NES will acquire an initial 25% interest in the Gold Point Project by making a cash payment of US$191,617 to GGL. It will issue the number of NES shares equivalent to the value of A$325,000 at a deemed issue price equal to the 20-day volume weighted average price of shares trading on the ASX immediately prior to the date of the binding documentation / announcement of the transaction.

Subject to the completion of the acquisition, NES will have the exclusive right to earn up to a 90% collective interest in the Gold Point Project subject to satisfying aggregate earn-in expenditures of US$3 million. It will make consideration payments to GGL in various tranches.

GGL's shares were last seen unchanged at C$0.06 on the TSX Venture Exchange.