VANCOUVER, BC / ACCESS Newswire / May 28, 2026 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Company") is pleased to announce that it has received a cash payment of $263,512 (US$191,617) from ASX - listed Nelson Resources Limited ("NES"); the issue of 46,428,571 NES shares ("Consideration Shares") equivalent to a value of $319,703 (AUD$325,000) at a deemed issue price equal to the 20-day volume weighted average price ("VWAP") of the shares trading on the ASX immediately prior to the date of the binding documentation which are subject to voluntary escrow until May 18, 2027; and the issue of 1,094,166,666 Performance Rights which vest in two tranches subject to meeting certain conditions. This payment is in exchange for an initial 25% interest in GGL's high-grade, gold-silver Gold Point Project located in the Walker Lane District, Nevada. The details of the Earn-In agreement were previously announced on December 11, 2025 and updated on March 16 and 24, 2026. NES can acquire up to a 90% interest in the Gold Point claims in three stages.
The Company has paid a Finder's fee to International Island Group Pty. Ltd. ("International Island") of $4,144 (US$3,000) and a disposition fee to Nevada Rand LLC ("Nevada Rand") of $3,453 (US$2,500) relating to the Upfront cash payment from NES. In addition, International Island will receive AUD$19,500 in NES shares (2,785,714 shares) based on the initial payment and Nevada Rand will receive AUD$16,250 in NES shares (2,321,429 shares). These shares are held in Escrow until May 18, 2027. Nevada Rand will receive 5% of the performance rights, up to a maximum of 54,708,333 performance rights, assuming NES completes two performance hurdles.
Semi-Annual Reporting
The Company has elected to rely on Coordinated Blanket Order 51-933 ("Blanket Order") Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers and move to semi-annual financial reporting ("SAR"). The Company believes that adopting SAR will reduce the administrative and financial burden associated with quarterly reporting and is consistent with the objectives of the Blanket Order.
The SAR Pilot program is implemented under the Blanket Order which allows eligible venture issuers listed on the TSX Venture Exchange to voluntarily move from quarterly to semi-annual financial reporting.
The Company's fiscal year ends on November 30. Under the SAR pilot program, the Company will be exempt from filing interim financial reports and related Management's Discussion & Analysis ("MD&A") for its first and third quarters starting with the nine month period ending August 31, 2026.
The Company will continue to file audited annual consolidated financial statements (due within 120 days of November 30) and semi-annual unaudited condensed interim consolidated financial statements (due within 60 days of May 31).
The Company confirms it meets the pilot program's eligibility criteria, which include being a venture issuer with annual revenues of less than $10 million and maintaining a clean 12-month continuous disclosure record. The Company remains committed to timely disclosure and will continue to report all material changes and significant developments as required under National Instrument 51-102 - Continuous Disclosure Obligations.
This press release is being filed pursuant to the Blanket Order.
About GGL Resources Corp.
GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company owns the McConnell Project, which hosts mesothermal gold veins and an under explored porphyry copper-gold prospect in the Kemess District of north-central British Columbia. The Company has optioned the vein portion of its 100% owned and optioned claims in the Gold Point district of the prolific Walker Lane Trend, Nevada. The Gold Point claims cover several gold-silver veins, five of which host past producing high-grade mines, as well as an exciting new Cu-Mo-Au porphyry target. GGL also holds diamond royalties on mineral leases adjacent to the Gahcho Kué diamond mine and southwest of the Ekati diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
"Matthew Turner"
Interim Chief Executive Officer and Director
For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:
Investor Inquiries | Corporate Information |
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Richard Drechsler | Linda Knight |
Corporate Communications | Corporate Secretary |
Tel: (604) 687-2522 | Tel: (604) 688-0546 |
NA Toll-Free: (888) 688-2522 | info@gglresourcescorp.com |
rdrechsler@strategicmetalsltd.com |
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information contained in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "high", "evaluated", "potential", "significant" and similar expressions, or that events or conditions "may", "could" or "will" occur. GGL cautions that all forward- looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the control of GGL. Such factors include, among other things: risks and uncertainties relating to exploration and development and the results thereof, including the results of the recently completed drill program, the impact on future mineral resource estimates, the potential for new discoveries, and the results of future metallurgical programs, as well as the ability of GGL to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in GGL's financial statements available under the GGL profile at www.sedarplus.ca. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, GGL undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: GGL Resources Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/ggl-resources-corp.-announces-receipt-of-upfront-cash-payment-and-shares-from-nel-1171435
