Pacton Gold Inc. (TSXV:PAC) agreed to acquire Adeline High-Grade Copper Project in Labrador, Canada from Chesterfield Resources plc (LSE:CHF) for approximately CAD 4 million on October 18, 2022. As consideration for the acquisition of the Adeline Project, the Company will under the terms of the purchase agreement pay a total of $1,250,000 in stages over a one year period (CAD 50,000 paid to date) and issue approximately 12,700,000 common shares to the Vendor, such that the Vendor will hold approximately 19.99% of the total issued and outstanding shares of the Company on completion of the transaction. Chesterfield will have the right to nominate one board member to Pacton's Board of Directors provided it holds not less than 10% of Pacton's issued and outstanding shares. The Adeline Project is subject to an underlying 1.6% gross smelter returns royalty. Under the terms of the Transition Agreement, Pacton will pay an additional CAD 300,000 in stages over a one year period in consideration of Chesterfield assisting with the orderly transition of the Adeline Project to Pacton. This will include assisting Pacton with preparation and filing of an independent NI 43-101 technical report on the Adeline Project, completing all mineral claims transfers, introducing Pacton to service providers and dealing with the royalty holders. The acquisition of the Adeline Property is subject to several conditions precedent, including the completion of an equity financing by Pacton to fund exploration and development of the Adeline Project, and approval to the acquisition by the TSXV. The TSX Venture Exchange will lift the halt on trading of the Company's common shares effective November 17, 2022. As of January 27, 2023, Pacton will not be proceeding with the non brokered private placement financing it announced on November 25, 2022 and intends to continue to focus on its existing projects in Red Lake, Ontario.

Pacton Gold Inc. (TSXV:PAC) cancelled the acquisition of Adeline High-Grade Copper Project in Labrador, Canada from Chesterfield Resources plc (LSE:CHF) on January 27, 2023.