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Richmond Hill to Acquire Bartlett Mineral Rights
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Release time：2026-04-10
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Richmond Hill shall acquire all legal rights and benefits in connection with these claims.
Richmond Hill Resources has entered into a conditional agreement to acquire the Bartlett mineral tenements in Ontario, Canada, from Ulvestone, a company controlled by major shareholder James Ikin. These tenements are located adjacent to Richmond Hill’s existing Martello gold project. Under the terms of the agreement, Richmond Hill will obtain full legal title and beneficial interest in the Bartlett tenements.
The project comprises 29 mining rights covering approximately 871.5 hectares in the Kawashegamuk Lake and Tabor Lake areas. The total consideration for this acquisition consists of a cash payment of CAD 125,000 (USD 89,864.6) upon completion of the transaction, together with the issuance of new common shares with a total value of CAD 550,000. These shares, priced at CAD 1.75 per share, will be issued in four equal tranches to third parties. The proposed shares will be subject to lock-up agreements that restrict their sale until specified dates in 2026 and 2027. The parties have agreed that the consideration shares will not be issued, allocated, or delivered to the seller or any party acting in concert with the seller in accordance with the UK City Code on Takeovers and Mergers.
The Bartlett mining district is situated within a mature mining region and benefits from well-developed mining infrastructure. All claims comply with operational requirements and are subject to a 1.75% net smelter return royalty payable to Ursa Polaris Developments Corporation and a 1.5% net smelter return royalty payable to Gravel Ridge Resources/Perry English. The completion of the project is contingent upon Richmond Hill conducting satisfactory legal, technical, and financial due diligence. In addition, both parties must obtain all requisite consents and approvals from the relevant Canadian mining regulatory authorities. Given that the transaction involves related parties, Richmond Hill’s board engaged Kane Financial Advisors to conduct an independent valuation and concluded that the terms are fair and reasonable for shareholders. In January 2026, the company appointed Critical Discoveries to oversee the technical aspects of the Martello gold project.
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