Proceeds will be used to fund the company's first drill program at the Fortuna gold project in Ecuador.

The company published a positive pre‐feasibility study for the project this week, confirming the NAL operation’s technical and financial viability over a 27-year mine life.

In December, the two companies announced their plans to form a joint venture in North America.

The Nova Scotia resource estimate holds 78,000 oz. of pit-constrained gold and another 84,700 oz. of underground material.

Revenue more than doubled from C$25.5 million to C$53.3 million

The largest undeveloped gold project in Atlantic Canada is about 80 km southwest of the communities of Millertown and Buchan.

This is the first time Vale has issued Canada-wide agreements across the majority of its sites, structured with primary and secondary consultants.