12:13 PM EDT, 05/05/2025 (MT Newswires) -- Romios Gold Resources ( RMIOF ) on Monday said it mutually agreed to terminate a non-binding letter of intent with Star Gold for the proposed acquisition of all shares of Romios' wholly owned affiliate, Romios Gold Nevada, by Star Gold.

The contemplated transaction included the transfer of ownership and interests in the Scossa Mine Property and the Kinkaid Property. It was subject to various conditions including satisfactory due diligence, regulatory approvals, and the successful completion of a capital raise.

A statement noted that both companies determined that it is in their respective best interests not to proceed with the proposed share-purchase agreement.

"We remain extremely confident in the quality and potential of the Scossa and Kinkaid properties," said Romios Gold's Chief Executive Officer Stephen Burega. "While we were not able to complete the proposed transaction under the originally proposed terms, Romios will continue to seek strategic alternatives to unlock value from our Nevada-based assets, while also advancing our broader portfolio of projects in British Columbia's Golden Triangle, as well as our large land package in Northern Ontario."

Romios shares last traded Friday, closing at $0.03 on the TSX Venture Exchange.