DFR Gold Inc. (TSXV:DFR) entered into definitive agreement to acquire an additional 25.5% stake in Gurara Gold Project in Nigeria from Panthera Resources PLC (AIM:PAT) on May 7, 2024. Under the terms of agreement, Panthera Resources to exchange its 40% interest in the Kalaka Project for a further 25.5% ownership interest in the Gurara Project. The restructuring and acquisition of the controlling interest in the Gurara Project does not involve any further consideration other than the disposal of DFR Gold's interest in Kalaka Project.

Following the completion of the Restructuring, DFR will hold no interest in the Kalaka Project and its interest in the Gurara Project will increase from 25.5% to 51%. The remaining 49% of the Gurara Project is held by Zinariya Mining Limited and the project is operated by PW Nigeria Mining Limited. As part of the Restructuring, Panthera will pay DFR approximately US$67,931.36 to settle intercompany loans.