On November 5, 2024, Signal Gold Inc. completed the sale of its Tilt Cove Gold Project in Newfoundland to FireFly Metals Ltd., a company listed on the Australian Stock Exchange. Under the transaction, FireFly acquired all of the common shares of Tilt Cove Gold Corp., previously a wholly owned subsidiary of Signal Gold, which holds all exploration licences, rights and obligations related to the Tilt Cove Project. As part of the sale, Signal Gold received $570,000 in cash and 2,317,869 common shares of FireFly currently valued at approximately $2.5 million. Signal Gold may also receive a milestone payment of $1 million, in shares or cash at the sole option of FireFly, if FireFly announces a mineral resource estimate, in any category, of at least 500,000 ounces of gold equivalent ounces at a grade of at least 1.0 grams per tonne gold equivalent at the Tilt Cove Project.
Cassels acted for Signal Gold.