Newmont to Acquire GT Gold in Agreed All-Cash Transaction

VANCOUVER, British Columbia, March 10, 2021 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT; OTCQX:GTGDF) (the “Company” or “GT Gold”) and Newmont Corporation (NYSE: NEM, TSX: NGT) (“Newmont”) are pleased to announce that they have entered into a binding agreement (the “Arrangement Agreement”), pursuant to which Newmont has agreed to acquire all of the outstanding shares of GT Gold that Newmont does not already own (the “Transaction”) for C$3.25 per share (the “Transaction Price”) in cash. The total equity value pursuant to the Transaction is approximately C$456 million on a fully diluted basis. The Transaction Price represents a premium of 38% to the 20-day volume-weighted average price of GT Gold’s shares on the TSX-V as at March 9, 2021.

The Company’s flagship asset is the wholly-owned, 47,500 hectare Tatogga property, located in the Traditional Territory of the Tahltan Nation. This is part of the highly prospective Golden Triangle region of British Columbia, Canada.

Benefits to GT Gold Shareholders

• Immediate and attractive premium for GT Gold shareholders.
• All-cash transaction that is not subject to a financing condition.
• Removes future dilution, commodity, development, and execution risk.
• Strong GT Gold shareholder support with voting support agreements entered with the directors and senior officers of GT Gold, Ross Beaty, The K2 Principal Fund LP (“K2”), and Muddy Waters LLC (“Muddy Waters”), representing, in aggregate, approximately 43% of the outstanding shares of GT Gold.

Ashwath Mehra, Executive Chair of GT Gold stated: “We are very pleased to be announcing this Transaction with Newmont today, representing the execution of our plan and the culmination of significant value creation for GT Gold shareholders since the formation of the Company. The Transaction is a testament to the years of diligent, professional work by the entire GT Gold team. My fellow directors and I would like to express our thanks and appreciation to all who have been involved in successfully advancing the Tatogga project to this stage from discovery to sale in just over four years. The Transaction is not only a great outcome for our shareholders, but also one that we believe will benefit all our rightsholders and stakeholders in the coming years.”