07:37 AM EST, 11/17/2025 (MT Newswires) -- Palisades Goldcorp ( PLGDF ) on Monday said its subsidiary Made in America Gold has entered into a non-binding letter of intent to acquire Undercover Gold, which owns the South Cortez and South Tonkin mineral properties.

Undercover was founded by NewQuest Capital, which is led by an exploration team that has structured earn-in joint venture deals with mining companies. Palisades, which holds a diverse portfolio of securities and derivatives, among which it holds a 9% interest in New Found Gold ( NFGC ) .

The acquisition expands MIAG's Battle Mountain-Eureka portfolio by an additional 73 square kilometers, further establishing MIAG as the largest junior landholder in Nevada.

The deal adds a strategically located land position along trend with Nevada Gold Mines' Pipeline, Cortez Hills, Goldfish and Fourmile deposits.

At deal completion, MIAG will control about 800 km2, including landholdings adjacent to mineral deposits operated by Nevada Gold Mines, SSR Mining, McEwen Mining and I-80 Gold.

Under the transaction, Undercover shareholders will receive a 10% equity interest in MIAG upon closing, based on an implied post-transaction valuation of US$25 million for MIAG.

Closing is scheduled to occur on Feb. 10, subject to customary terms and conditions, including acceptance by the TSX Venture Exchange.

A portion of the South Cortez project is subject to existing option agreements that remain in effect and include net smelter royalties ranging from 2% to 3%. Certain other claims owned by Undercover within South Cortez and South Tonkin are subject to a 1.75% royalty to NewQuest.

Palisades will put in place and retain a 1.75% NSR on all MIAG claims and projects by forming a new subsidiary to hold such NSR interests for the sole benefit of Palisades shareholders.

Additionally, the 3% NSR on Nevada King Gold's Atlanta gold mine project currently held by Palisades in the MIAG entity will be transferred to the newly formed subsidiary.