The Canadian exploration company Toogood Gold Corp. has formalized an option agreement dated May 26, 2026 that grants it an exclusive path to acquire a full interest in the Table Mountain Project in Lincoln County, Nevada. The vendors to the transaction are Orogen Royalties Inc. and its subsidiary GenEx Exploration Inc., together with Altius Resources Inc.. Under the terms, Toogood may earn a 100% interest through staged share issuances and customary regulatory approvals.
This transaction immediately mobilizes a systematic, property-wide exploration campaign aimed at evaluating a large, undrilled, low-sulphidation epithermal system. Early reconnaissance work has highlighted a coherent alteration footprint, multiple outcropping veins with notable gold and silver assays, and strong pathfinder element signatures that support an epithermal affinity.
Why Table Mountain matters
The Table Mountain Project covers 184 unpatented lode claims (approximately 1,538 hectares) administered by the Bureau of Land Management and sits within the Indian Peak Caldera Complex in southeastern Nevada. The property contains a roughly 4 km by 2 km alteration cell dominated by kaolinite with local illite and alunite, classic indicators of a low-sulphidation epithermal hydrothermal environment.
Surface expressions include multiple quartz-chalcedony veins showing crustiform-colloform banding and silicified calcite textures consistent with upper-level epithermal deposition. First-pass rock sampling from prior reconnaissance returned up to 2.6 g/t Au and in excess of 50 g/t Ag, supported by elevated Sb-As-Hg pathfinder levels. Importantly, the property has seen no historical drilling, leaving the system effectively untested at depth.
Transaction mechanics and royalty structure
Under the Definitive Agreement, Toogood will issue a total of 16,683,431 common shares to the vendors on a staged schedule tied to regulatory clearances and anniversaries of the Effective Date. The share issuance schedule is: 1,000,000 shares shortly after the Effective Date, 3,500,000 within six months, 5,500,000 on the first anniversary, and 6,683,431 on the second anniversary. The Effective Date is defined as the date when all required approvals, including TSX Venture Exchange acceptance, are obtained.
The Project carries a 3.0% net smelter return (NSR) royalty, with buydown rights that provide future flexibility: 0.5% may be purchased for US$5.0 million (First Buydown Right) until four years after recordation of the Deed post-option exercise, and an additional 0.5% may be repurchased for US$15.0 million upon delivery of a prefeasibility study or feasibility study. Exercising the first buydown is not a prerequisite for the second.
Shares for debt and advisory arrangements
Separately, Toogood proposes to settle an outstanding advisory fee of $110,000 owed to Canaccord Genuity Corp. by issuing 1,000,000 common shares at a deemed price of $0.11 per share. This Shares for Debt Transaction amends an advisory agreement originally dated September 22, 2026 and covers services performed between April 1, 2026 and June 30, 2026. The fee shares will carry the standard statutory hold period and additional voluntary resale restrictions staged at 0, 6 and 12 months subject to the Amended Advisory Agreement.
Exploration plan and technical approach
Toogood has already launched a Phase 1 exploration program designed to build a prioritized list of drill targets. The initial work includes over 6,150 soil samples, detailed 1:5,000-scale structural and geological mapping, ground gravity, drone magnetics, systematic prospecting, rock sampling and hand-held spectral analyses to define surface vectors and subsurface controls.
Subject to Phase 1 outcomes, Phase 2 is expected to target deeper resistive features using controlled-source audio-frequency magnetotellurics (CSAMT), coupled with focused mapping, prospecting and targeted rock sampling aimed at refining drill collars. The Phase 1 program is explicitly intended to deliver a permit-ready drill plan and ranked targets for a maiden drill campaign targeted later in the year.
Data integrity and qualified oversight
Reconnaissance rock assays reported to date were completed by ALS Geochemistry using Au-ICP21 and multi-element methods (including Hg-MS42 and ME-MS61), with sample prep in Reno and analysis in Vancouver. Toogood notes these initial results are from selective, grab-style sampling and have not been fully verified; the company intends to implement industry-standard QA/QC protocols with certified reference materials, blanks and field duplicates moving forward.
The technical content of the announcement has been reviewed and approved by Colin Smith, M.Sc., P.Geo., a Qualified Person under National Instrument 43-101, who serves as Toogood’s CEO and Director. Certain third-party reconnaissance data included in earlier programs has not been independently verified but is considered relevant for exploration planning.
Strategic context and next steps
Table Mountain represents a strategic opportunity for Toogood to assess a district-scale, undrilled epithermal system within easy logistical reach of southern Nevada infrastructure—approximately a two-hour drive from Las Vegas and about 10 km south of the Atlanta Gold Mine. Management emphasizes disciplined execution and rapid advancement through the planned exploration phases to define high-confidence drill targets.
All elements of the transaction are subject to customary conditions, including acceptance by the TSX Venture Exchange. Investors and interested parties can refer to Toogood Gold Corp.’s prior news release dated March 2, 2026 for supplemental context and should await future updates as the field programs progress and permitting advances.