Pasofino Gold, Hummingbird, Nioko Finalize $25M Co-Operation Agreement for Dugbe Project

Pasofino Gold has entered a Co-operation Agreement with its major shareholder, Hummingbird Resources, and Nioko Resources Corporation, aimed at advancing the Dugbe Gold Project in Liberia. As part of the agreement, Pasofino's board has been restructured to include three nominees from Hummingbird alongside existing members. The company plans to raise approximately $10 million to update the project's feasibility study and initiate pre-construction activities, with an additional $15 million anticipated for 2026. Hummingbird will participate pro-rata in these financings as the lead order, while also agreeing to a standstill period regarding share acquisitions and other actions that could affect Pasofino's shareholder structure until October 2026. Furthermore, the agreement involves terminating Pasofino's existing shareholder rights plan, which could be reinstated depending on future financing decisions. The collaboration is expected to enhance the project's potential and operational efficiency.