Big Ridge Gold Corp. (TSXV:BRAU) signed a non-binding term sheet to acquire Gold Island Inc. for CAD 4.9 million on June 12, 2023. As of July 17, 2023, Big Ridge Gold Corp. (TSXV:BRAU) entered into a business combination agreement to acquire Gold Island Inc. for CAD 4.9 million. Under the Transaction, Gold Island shareholders will receive 0.8 of one Big Ridge common share for each Gold Island common share held (the "Exchange Ratio"). There are 64,303,115 Gold Island common shares currently issued and outstanding, in exchange for which 51,442,492 Big Ridge common shares shall be issued to Gold Island shareholders under the Business Combination Agreement. Immediately following the completion of the Transaction, the former Gold Island shareholders shall own common shares of BRAU representing approximately 27% of the issued and outstanding common shares of the Company on an undiluted basis.

The consummation of the Transaction is subject to a number of conditions customary to transactions of this nature, including, among others, the approval of 66.67% of votes cast by Gold Island's shareholders at a special meeting of Gold Island shareholders. If approved at the meeting, the Transaction is expected to close shortly thereafter, subject to the receipt of the approval of the TSX Venture Exchange. Significant Gold Island shareholders holding approximately 35% of the Gold Island shares have entered into voting and support agreements to vote their shares in favour of the Transaction, subject to certain customary exceptions.

Grant Duthie of Garfinkle, Biderman LLP acted as legal advisor to Gold Island Inc. and Robert Mason of Mason Law acted as legal advisor to Big Ridge Gold Corp. (TSXV:BRAU).

Big Ridge Gold Corp. (TSXV:BRAU) completed the acquisition of Gold Island Inc. on August 11, 2023. Following the closing of the Arrangement, there are 188,053,327 Big Ridge Shares issued and
outstanding (including the issuance of 51,442,492 Big Ridge Shares issued to Gold Island shareholders pursuant to the Amalgamation). With the completion of the amalgamation, Big Ridge will be a premier Newfoundland based gold exploration company.