Richmond Hill Resources has signed a conditional agreement to acquire the Bartlett mining claims in Ontario, Canada, from Ulvestone, a company controlled by substantial shareholder James Ikin.
The claims are adjacent to Richmond Hill’s existing Martello Gold Project.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
According to the agreement, Richmond Hill will obtain full legal and beneficial interests in the Bartlett mining claims.
The project encompasses 29 mining claims covering around 871.5 hectares (ha) in the Kawashegamuk Lake Area and Tabor Lake Area.
The total payment for the acquisition consists of C$125,000 ($89,864.6) in cash to be paid at completion, along with the issuance of new ordinary shares valued at C$550,000.
These shares, priced at 1.75p each, will be issued to a third party in four equal instalments.
The proposed shares will be subject to a lock-in agreement, restricting their sale until designated dates in 2026 and 2027.
Both parties have agreed that the consideration shares will not be issued, allotted or delivered to the seller or any parties acting in coordination with the seller, as outlined in the UK City Code on Takeovers and Mergers.
The Bartlett mining claims are located in a well-established mining district with favourable mining infrastructure.
All claims are in compliance with work requirements and are subject to net smelter return royalties of 1.75% to Ursa Polaris Developments Corporation and 1.5% to Gravel Ridge Resources/Perry English.
Completion depends on Richmond Hill conducting satisfactory legal, technical and financial due diligence on the project.
Additionally, both parties must obtain all required consents and approvals from relevant Canadian mining regulatory bodies.
As the deal involves a related party, the directors of Richmond Hill sought an independent evaluation from Cairn Financial Advisers and found the terms fair and reasonable for shareholders.
In January 2026, the company appointed Critical Discoveries to oversee technical work at the Martello Gold Project.
