Kinross Gold And BTU Metals Announce Private Placement, Asset Purchase Agreement And Option Agreement

On February 22, 2023, junior mining exploration company BTU Metals Corp. ("BTU") (TSXV: BTU) (OTC: BTUMF) announced that it had entered into a series of transactions with Kinross Gold Corporation ("Kinross") (TSX: K) (NYSE: KGC) involving significant properties of BTU in northwestern Ontario, adjacent to Kinross's Great Bear Project.

The transactions include: (i) a purchase agreement pursuant to which Great Bear Resources Ltd., a wholly-owned subsidiary of Kinross, ("GBR") acquired from BTU certain unpatented mining claims located in the Kenora District of Ontario, with BTU continuing to participate in those lands through a newly created royalty payable to BTU; (ii) an option agreement, which provides GBR with an option to earn a 70% interest in certain unpatented mining claims held by BTU located in the Kenora District of Ontario; and (iii) a subscription agreement pursuant to which Kinross purchased 25,000,000 common shares of BTU at a purchase price of CAD$0.05 per common share.

Gowling WLG advised Kinross with respect to these transactions with a team led by Erik Goldsilver and which also included Ian Mitchell, Lee Sykes and Jaanam Mahboobani.

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Mr Erik Goldsilver
Gowling WLG
Suite 1600, 1 First Canadian Place
100 King Street West
Toronto
Ontario
M5X 1G5
CANADA
Tel: [phone]
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URL: www.gowlingwlg.com

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