08:34 AM EDT, 10/22/2025 (MT Newswires) -- TomaGold ( TOGOF ) Wednesday said that further to its earlier news releases regarding the disposition of its wholly-owned Hazeur, Monster Lake East and Monster Lake West properties to Northern Superior Resources ( NSUPF ) , it expects to receive the C$1 million contingent consideration provided for under the transaction terms, upon closing of Northern Superior's announced acquisition by IAMGOLD Corporation ( IAG ) .

A statement noted that, under the definitive asset purchase agreement disclosed on July 11, 2025, TomaGold ( TOGOF ) was entitled to an additional $1 million payment in cash or shares upon a change of control whereby the purchaser is acquired by a third party with a minimum deemed market capitalization of $2 billion.

The company noted that the announced terms of Northern Superior's announced acquisition by IAMGOLD Corporation ( IAG ) would satisfy this contingent consideration condition.

The company also said that, in addition to the contingent payment, it retains a 2.0% net smelter returns (NSR) royalty on all mineral production from the Properties. The purchaser has the right to repurchase one half (1.0%) of the NSR at any time for a one-time cash payment of $1 million.

"For TomaGold ( TOGOF ), this non-dilutive contingent payment reinforces the value of our earlier agreement and further confirms the strategic potential of our current properties, where drilling is actively progressing," said TomaGold's ( TOGOF ) chief executive officer David Grondin.

Additionally, the company said that it completed an initial 4,420 metres of diamond drilling at the end of the third quarter of 2025 within the Chibougamau copper-gold mining camp. This initial program comprised 2,615 meters across eight holes on the David Project, optioned from SOQUEM, and 1,805 meters across five holes on the Berrigan Mine Project, optioned from Chibougamau Independent Mines.

The company added that assay results are pending.