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MLK Gold Ltd. Due Diligence Report
*NOTE* This is a highly speculative microcap stock and requires either a capital injection or joint venture partnership to move forward. Based on the company monthly filing via the CSE(Canadian Stock Exchange) website, there could be a deal in the works, more information is posted below. Please do your own due diligence before buying any equities.
Common Shares: 40.1 Million
Management Holdings: 8%
June 2022 Company Presentation: mlkgold.com
*Note* As per the company presentation, MLK is on the same gold trend as Sokomon and Newfound Gold. They are also in the same district as Sokomon’s lithium deposit.
CSE Septemeber 5th 2022 Update:
*Note* Small insider buying was done in August 2022.
MLK Gold Ltd. had several discussions with companies either wanting to assist with our promotional efforts or to enter into one or more agreements on several of the Company’s assets. An onsite visit/tour took place with one property and confidential data sharing occurred with two other properties. An external company hired to find partner companies to move MLK assets forward more quickly is ongoing. Finalization of several reports consumed much of the activities for the month. Further expertise is being sought to examine the recent VTEM geophysical survey report at the company’s Caledonia Brook gold project. The Company is also in discussions with a contractor to carry out airborne geophysics over the 360 Lithium project. During the month of August 2022, management was focused on site visits, report preparations, and promotional communications. The Company still has one exploration permit to acquire and is working with regulators and a special interest group to obtain the necessary approvals. Discussions are ongoing with third parties pertaining to increasing the level of exploration on all its assets in Newfoundland and Nova Scotia.
Company Description - MLK is a Canadian based exploration company offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. The Company is geographically focused on the island of Newfoundland, a mining-friendly jurisdiction on the east coast of Canada and the province of Nova Scotia.
Total Assets: $1,324,847
Total Liabilities: $308,398
On June 9, 2022, the Company reported that after an initial data mining compilation of public government databases, the Company has added 104 lithium claims covering 2,600 hectares on its 360 Lithium Property located on the south coast of Newfoundland.
Newfoundland and Labrador
Caledonia 2 Brook property
On April 6, 2020, the Company entered into an agreement with a company controlled by a director of the Company, whereby the Company would acquire (the “Acquisition”) a 50% interest in certain mineral exploration licenses (the “Caledonia 2 Property”) in exchange for, among other things, a 50% interest in the Manuels property (the “Caledonia 2 Agreement”). The Acquisition was subject to the Company acquiring 100% of the Manuels Property. In addition, the Company has also committed to issuing 200,000 share purchase warrants, making a cash payment of $30,000, providing a 2% NSR in the Manuels property and incurring $1,000,000 in exploration expenses before December 31, 2022. Furthermore, the Company also committed to issuing certain number of performance warrants dependent on results of geological surveys which have not yet been conducted. On February 28, 2022, the Company issued 15,000 common shares at $0.15 per share for $2,250 pursuant to a purchase agreement for two adjacent licences (10 claims) at Caledonia Brook. The Vendors also receive a 1% NSR which the Purchaser has the right to purchase 50% of (0.5%) for at any time for an aggregate of $250,000.
On September 20, 2021, the Company and the vendor amended the Caledonia 2 Agreement, and the Company acquired a 100% interest in the Caledonia 2 Property by making a cash payment of $75,000 (paid) and issuing 1,490,000 common shares of the Company (issued). The Company has granted to the vendor a 0.5% NSR royalty on the Caledonia 2 Property and a 0.5% NSR on the
The titles to the mineral licenses comprising the Caledonia 2 Property were held by the vendor as at November 30, 2021, and are in the process of being transferred to the Company
On April 6, 2020, the Company entered into a purchase agreement with New Dawn Resources Inc. and the sole director of New Dawn Resources Inc. (the “Optionors”), whereby the Company acquired a 100% interest in 21 mineral claims under three mineral licenses known (“Manuels Property”). As consideration, the Company issued 83,333 common shares and agreed to pay an aggregate of $72,000 in ten equal annual installments of $7,200 to the Optionors. During the year ended November 30, 2020, $7,200 was paid to the Optionors. During the year ended November 30, 2020, $7,200 was paid to the Optionors. The Manuels Property is subject to an NSR of ranging from 0.5% to 1% of commercial production. The Company can purchase 0.5% of the NSR for $500,000 at any time.
Little River Property
The Company holds an undivided 100% interest in 20 mineral claims in the Little River area of southern Newfoundland known as the Golden Eye Project. There is a 2.0% NSR on the property of which 1% can be purchased for $1,500,000.
During the year ended November 30, 2020, the Company entered into agreements with two parties (the “Optionors”) to acquire a 100% interest in six mineral claims under one mineral exploration license in Nova Scotia (the “NS Agreements” and the “Highfield Property”). Pursuant to the terms of the NS Agreements, the Company has issued 583,333 common shares. The title of the mineral exploration license was held under the name of the Optionor. In addition, the Company also issued 35,000 common shares as finders’ fee to a third party. The Highfield Property is subject to two NSRs of 0.75% and 2.0%, of which the Company can purchase up to 0.5% of the first, and 0.5% of the second for $250,000 and $50,000, respectively. Furthermore, the Company will also be required to make a royalty payment of $25,000 within one year of a feasibility report which identifies commercial viability of the property
The title to the exploration license comprising the Highfield Property was held by an officer of the Company as at May 31, 2022, and are in the process of being transferred to the Company.
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