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Forge Resources Corp. has announced the successful completion of its acquisition of a 60% controlling interest in Aion Mining Corp., a significant milestone that solidifies Forge鈥檚 position in the coal mining sector. The acquisition centers on Aion鈥檚 fully permitted La Estrella coal project located in Santander, Colombia, a site rich in metallurgical and thermal coal resources.

The transaction, finalized after the initial announcement on February 12, 2025, involved Forge Resources acquiring additional common shares of Aion, bringing its total ownership to 60% on a fully diluted basis. The financial terms of the deal involved a substantial investment of $5,308,955.68, comprised of $2,808,955 in cash and 2,873,564 common shares of Forge Resources, valued at $0.87 per share.

This infusion of capital is earmarked for the accelerated development of the La Estrella project. Forge Resources and Aion Mining Corp. plan to prioritize the enhancement of the project鈥檚 infrastructure, a critical step in advancing the operational readiness of the site. Furthermore, Forge Resources has secured a right of first refusal for four years, enabling it to maintain its 60% control position by purchasing additional Aion shares should Aion issue further securities.

The acquisition involved related party transactions, as Cole McClay serves as a director for both Forge Resources and Aion Mining Corp., and Camilo Amador is a director of Aion and an officer of Forge. To ensure transparency and fairness, the terms of the agreement were rigorously reviewed and approved by a committee of independent directors of Forge Resources.

PJ Murphy, CEO of Forge Resources, expressed enthusiasm about the acquisition, stating, 鈥淲e are excited to report the successful closing of our acquisition, which now brings our total interest in Aion Mining Corp. to 60%. This strategic milestone underscores our commitment to expanding our footprint in the mining industry and aligns with our vision for sustainable growth. Aion鈥檚 proceeds from this transaction will be dedicated to developing the project鈥檚 infrastructure, ensuring we have the robust foundations needed to advance our initiatives.鈥�

The La Estrella project is a key asset for Forge Resources, featuring eight identified seams of metallurgical and thermal coal. This fully permitted project positions Forge Resources to capitalize on the growing demand for coal resources.

Beyond the Aion acquisition, Forge Resources also holds an option on the Alotta project in the Yukon Territory, Canada. The Alotta project is a promising porphyry copper-gold-molybdenum prospect located near the Casino porphyry deposit, further diversifying Forge Resources鈥� portfolio.