12:32 PM EDT, 06/02/2025 (MT Newswires) -- Miata Metals ( MMETF ) , up 11% in Monday trading, signed an option agreement that will boost its stake in the Nassau gold project in Suriname to 100% from 70%..

The agreement, signed on April 15, involves cash payments over three years totaling US$1.35 million and work commitments totaling US$1 million over the first two-year period and US$1 million over the subsequent year.

Miata will grant the undisclosed optionor a 2% net smelter royalty with a buy-back right to purchase 0.5% of the NSR for US$1 million and a further 0.5% of the NSR for US$3 million.

"With this transaction, Miata now holds exposure to the potential for 100% ownership of both Sela Creek and Nassau, providing us with full strategic control over our Suriname gold portfolio," said chief executive Jacob Verbaas. "Like Sela Creek, we believe the Nassau project now also has the right foundation to build lasting shareholder value in Suriname's highly prospective gold belt."

The company's shares were last seen up $0.06 to $0.62 on the Canadian Securities Exchange.

Price: 0.61, Change: +0.05, Percent Change: +8.93