ASX 200 miner Bryah Resources expands with Canadian gold acquisition

Highlights

• Bryah Resources (ASX:BYH) signs agreement for a gold project in New Brunswick, Canada

• The Golden Pike Project includes high-grade gold intercepts and historical drilling data

• Share price movement followed announcement; future exploration spending commitments outlined

Bryah Resources Ltd (ASX:BYH), listed on the ASX 200 and primarily focused on Western Australia, is expanding its exploration portfolio with a move into the Canadian market. The company has entered into a binding option term sheet to acquire the Golden Pike Project from Globex Mining Enterprises Inc. (TSX:GMX), a mineral property bank based in North America.

The acquisition marks a geographical diversification for Bryah Resources, as it secures a presence in a known mining-friendly jurisdiction. The Golden Pike Project is located on the Devils Pike claim in New Brunswick, an area with historical exploration and resource data that aligns with the company's broader growth ambitions.

High-Grade Results from Historical Exploration

Historical data on the Golden Pike Project includes drill intercepts with notable grades and widths, as well as surface rock chip samples returning significant gold values. The site holds a resource estimate that is compliant with Canadian standards, though not yet aligned with JORC reporting standards used in Australia.

Previous drilling programs have reported multiple mineralised zones, and the deposit remains open in several directions. Bryah has noted the presence of additional high-grade boulder samples across untested targets within the project boundary, indicating the scope for further exploration activity.

Transaction Terms and Exploration Commitments

Under the binding agreement, Bryah has secured an exclusive due diligence period in return for an initial cash payment. If the company proceeds with the acquisition, the terms include further staged cash and share payments, along with a minimum exploration expenditure over a four-year timeframe.

The deal also includes a royalty structure, with Globex Mining Enterprises retaining a sliding scale royalty on future gold production from the site. Bryah has also retained the option to reduce this royalty before production reaches a specified threshold, by making an additional payment.

Cash Position and Funding Outlook

Bryah has confirmed that its current financial position allows it to meet the initial consideration obligations and commence early exploration activities at Golden Pike. However, further funding initiatives will be required to meet the longer-term staged payments and exploration commitments associated with the transaction.

The company’s market reaction to the announcement was reflected in increased trading activity, including a notable intra-day movement in its share price. This development follows Bryah’s recent strategy of reviewing global resource opportunities aimed at expanding its asset base and securing long-term growth through acquisitions.

Project Evaluation and Future Steps

The due diligence phase will enable Bryah to assess the geological and commercial viability of the Golden Pike Project, including verification of the historical data and planning for follow-up drilling campaigns. The company’s chairman confirmed that the review of global opportunities has been ongoing, with the Golden Pike Project meeting the internal criteria for asset expansion.

With the gold price holding steady at historically elevated levels, the project aligns with Bryah’s forward-looking exploration strategy. The company’s entry into the Canadian market adds a new jurisdiction to its portfolio, alongside its existing operations in Western Australia.

The ASX 200-listed explorer will be focused on fulfilling its exploration commitments and advancing the Golden Pike Project as part of its broader resource development initiatives.