VANCOUVER, B.C. - Baru Gold Corp (“Baru” or the “Company”) and its subsidiary PT. Tambang Mas Sangihe (“TMS” or the “Company”) wish to update shareholders on the binding preliminary collaboration agreement with Quantum Metal Thailand Co., Ltd. (“QMT”) announced on May 15, 2025, and the payment of land use tax on Sangihe Island. The land use tax is a mandatory fee payable annually.
The Company is pleased to announce to shareholders on significant progress in closing the binding agreement with QMT. The Company has completed the delivery of comprehensive documentation on all legal, financial, and operational aspects of the Sangihe Project. In parallel, the leadership of Baru and QMT have held a series of productive meetings with key stakeholders to reinforce strategic alignment and work through final approvals and frameworks. Additional meetings are planned. The final definitive agreement is currently being drafted, aligning key terms to ensure and protect the interests of all involved parties.
The Company is currently on schedule to sign the final, definitive funding agreement within the coming weeks.
Further, the Company is happy to announce to shareholders that a payment has been made towards the outstanding land use tax. As previously announced, the Company has been advised that the payment of the land use tax is the only remaining requirement to receive the upgrade to production operations.
Mr. Terry Filbert, CEO of Baru Gold, commented, “I am very happy with the engagement and progress Baru leadership are making in closing this funding agreement with QMT. I believe QMT is an excellent partner for Baru and look forward to working with them. The funding from QMT will support the Company’s financial commitments, production operations, and planned sustainability and community initiatives. The Company remains focused on delivering long-term value through responsible mining, community engagement, and economic contribution to Sangihe Island.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi with a gold bearing area of approximately 25,000 ha. Sangihe has an existing National Instrument 43-101 report suitable for mining planning and production schedules for an area within the 65-hectare area targeted for initial production. See the company's "Independent Technical Report on the Updated Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" (Mining Associates Pty. Ltd., Feb. 1, 2025). Only 10 per cent of the gold-bearing area has been explored.
Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by other Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project. Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.
On behalf of the Board of Directors
BARU GOLD CORP.
“Terry Filbert”
Terry Filbert
Chairman and Chief Executive Officer
604-684-2183
info@barugold.com
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext. 702