Osisko has agreed to spend C$30 million on the properties over the next three years and will make an up-front payment of C$5 million.

Gold has rallied more than 11% since early October, initially fueled by haven buying in the wake of the Israel-Hamas conflict.

The joint venture has exclusive access to approximately 48,500 square kilometres of land on the Arabian Shield.

The combined company, for now referred to as MergeCo, will be one of the leading gold developers in Canada.

Gold continues to be bullish in the near term, with the dollar index in a downtrend.

The project was acquired from Argonaut Gold for $30 million earlier in the year.

The awards committee recognized cleanup efforts and reclamation initiatives.