We received from Quimbaya Gold Inc. and we are glad to publish the following press release:
“Quimbaya Gold Inc. (CSE: QIM | OTCQX: QIMGF | FSE: K05) (“Quimbaya” or the “Company”) has entered into an option agreement dated August 18, 2026 granting an arm’s-length purchaser, 37 Capital Inc. (CSE: JJJ), the exclusive right to acquire the Company’s non-core Berrio project in the Department of Antioquia, Colombia, for total consideration of up to US$3.75 million in cash and shares if the option is exercised. The transaction is non-dilutive to Quimbaya, which retains an approximately 19.9% equity interest in the purchaser as of the date of this news release, and concentrates the Company’s capital and technical resources on its flagship Tahami Project in the Segovia Gold District, where Quimbaya is drill testing a copper-molybdenum-gold porphyry system and advancing on its high-grade gold and silver vein targets.
Highlights
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Option to sell 100% of the non-core Berrio project — Quimbaya has granted an arm’s-length purchaser an exclusive option to acquire a 100% interest in the Berrio project in Puerto Berrío, Antioquia for total consideration of up to US$3.75 million in cash and shares if exercised.
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Non-dilutive with retained upside — no Quimbaya shares are issued; Quimbaya receives cash plus an approximately 19.9% equity interest in the purchaser as of the date of this news release, retaining ongoing exposure through that equity interest in the purchaser.
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Downside-protected — if the option is not exercised, Quimbaya retains a 100% interest in the Berrio project, together with the non-refundable deposits and all exploration data.
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Sharpened focus — the divestment concentrates Quimbaya’s resources on its flagship Tahami copper-molybdenum-gold project, Segovia, where drilling is currently underway, with first Tahami Center drill results expected in Q3 2026.
Alexandre P. Boivin, CEO, Quimbaya Gold:
“This transaction is disciplined capital allocation, we are converting a non-core asset into cash and a retained approximately 19.9% interest, partnering with 37 Capital to put our portfolio to work, without issuing a single Quimbaya share, and putting our full focus on the ground we believe in. That ground is our Tahami Project in Segovia: a copper-molybdenum-gold porphyry system at Tahami Center, and high-grade gold and silver veins at Tahami South, immediately adjacent to Aris Mining’s producing Segovia operations.Quimbaya is a meaningful mining-rights holder in one of Colombia’s most prolific and actively producing gold districts, and a non-dilutive approach lets us advance it on our own terms. Our next chapter is the first drill results from Tahami Center, which we expect in the third quarter of 2026.”
Berrio is located in Puerto Berrío, Antioquia, and is non-core to Quimbaya’s near-term strategy, which is centered on the Tahami Project in the Segovia Gold District. The option enables the Company to realize value from a non-core asset while preserving its share structure ahead of an active drill program at Tahami. If the option is exercised, net proceeds are expected to be applied to ongoing exploration at the Tahami Project and for general working capital.
The Berrio project is held by Golden Pacifico Exploration S.A.S., Quimbaya’s wholly-owned Colombian subsidiary, and comprises mining concession contract No. 6822 (approximately 1,218.88 hectares) together with five related mining concession applications submitted to Colombia’s National Mining Agency.
Under the option agreement, the purchaser may exercise the option at any time within twelve (12) months of the date of the agreement and may elect to acquire the project either by a direct transfer of the concession contract and related applications or by acquiring 100% of the issued and outstanding shares of the subsidiary. Total consideration of up to US$3.75 million is payable in a combination of cash and common shares of the purchaser, comprising a non-refundable deposit of US$100,000 and a further non-refundable deposit of US$150,000 (US$250,000 in aggregate) payable to the Company during the option period and, on closing upon exercise of the option, 7,600,000 common shares of the purchaser (representing approximately 19.9% of its issued and outstanding shares) at a deemed price of C$0.10 per share, together with the balance of the purchase price in cash. In connection with the transaction, the purchaser is undertaking a concurrent non-brokered private placement to raise up to C$300,000, in which certain arm’s-length and non-arm’s-length parties to Quimbaya may participate. In connection with the transaction, a finder’s fee of 1,000,000 common shares of the purchaser is payable to an arm’s-length party.
Completion of any sale is subject to exercise of the option and to customary conditions, including the acceptance of the Canadian Securities Exchange.
Qualified Person:
Ricardo Sierra, AusIMM, is a non-independent Officer “VP Exploration” and the Qualified Person for this news release. The scientific and technical content of this press release has been reviewed and approved by Mr. Sierra, who has sufficient experience with South American exploration projects relevant to the style of mineralization and type of deposit under consideration. He consents to the inclusion of the Exploration Results in the form and context in which they appear*.
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