Gordon Mining Agrees to Acquire New Mexico Tungsten Project Holder

Gordon Mining Group Inc. has agreed to acquire the company holding a New Mexico tungsten project spanning about 847 acres, with much of the deal’s additional consideration tied to development milestones.

The Oct. 19 agreement with Lamina Minerals LLC covers all membership interests in TT Minerals LLC, which holds 41 contiguous unpatented lode claims in Sierra County. The claims are on land administered by the U.S. Forest Service.

At closing, Gordon Mining would pay C$125,000 in cash and issue 1.5 million shares. The agreement provides for another 2 million shares when drill permits are received and 500,000 shares after a first-phase drilling program of at least 1,000 meters. A further 1 million shares are tied to a drill intercept at least 10 meters in true width averaging at least 0.7% WO₃.

The deal also calls for C$500,000 in cash or shares if a future resource report meets the agreement’s threshold of at least 5 million tonnes grading at least 0.7% WO₃ equivalent. That threshold is a contractual payment condition; it is not an estimate of the project’s current resources. No mineral resource has been estimated for the project.

Lamina would retain a 2% net smelter returns royalty. Gordon Mining may repurchase half of the royalty for US$1 million.

TT Minerals holds the claims under a quitclaim deed recorded in Sierra County on Oct. 16. The corresponding transfer of interest in U.S. Bureau of Land Management (BLM) records is pending. The acquisition has not closed and remains subject to regulatory approvals and acceptance by the Canadian Securities Exchange.

After closing, Gordon Mining plans to map and sample the property, conduct geophysical work and seek drill permits. The company has not defined specific drill targets. The agreement’s share milestones depend on permits, drilling and results, while the resource-report payment depends on a later report meeting specified thresholds.

Tungsten is included on the 2025 U.S. critical minerals list. CME Group also plans a COMEX tungsten futures launch early in the first quarter of 2027, subject to regulatory review.