• CTGO is acquiring HighGold Mining (TSXV: HIGH) in an all-share deal valued at $37M, representing a 59% premium over HIGH’s 20-day volume-weighted average price. HIGH is advancing the Johnson Tract (JT) project, which is an ultra high-grade gold project in coastal Alaska, with resources totaling 1.1 Moz AuEq at 9.4 gpt. As of December 31, 2023, HIGH had C$6M in working capital.
  • We consider this acquisition highly accretive, as HIGH’s project can be advanced to production quickly at a relatively low cost. We estimate that CTGO is paying just $30/oz vs $75+/oz for comparable projects. The deal is expected to be completed by July 2024.