Tonogold Res Inc - TNGL STOCK NEWS

Tonogold Resources (OTC Pink:TNGL), soon to be rebranded as Uranium American Resources Inc., has expanded its uranium and vanadium portfolio across three strategic projects in the western-central USA. Key developments include:

- Expansion of the Sky Property in Wyoming by 1,285 acres, building on existing 57 patented mining claims with historic resources of over 1M lbs U₃O₈

- Stateline Project sampling revealed high-grade mineralization with scintillometer readings up to 45,200 cps, showing >1% uranium and >1% vanadium

- Marysvale Project in Utah has historic resource estimates of up to 2.9 million lbs of U₃O₈

The company plans a 1-for-15 reverse stock split and has appointed new leadership, with over 80% of CLN holders converting into the new uranium/vanadium program.

TONOGOLD Resources Inc. (OTC PINK:TNGL) has released a presentation detailing its acquisition of JAG Minerals Pty , marking the culmination of 12 months of collaborative work. The company highlights the historic, low-risk districts of uranium and vanadium production near existing mineral production and processing facilities. TONOGOLD aims to accelerate the exploration, development, and production of these critically important minerals.

CEO William Hunter expressed optimism about the transaction, emphasizing the strategic importance of nuclear power in an increasingly electrified economy. The company believes this acquisition will position it as a leader in the uranium industry. The detailed presentation is available on TONOGOLD's website, providing shareholders with comprehensive information about the acquisition and its potential impact.

TONOGOLD Resources Inc. (OTC PINK:TNGL) has announced that it has received commitments for the conversion of approximately 80% of its outstanding convertible loan notes (CLNs) into common stock at a price of $0.10 per share. This conversion is a important step towards closing the previously announced acquisition of JAG Minerals Pty , a large, diversified US-focused uranium company.

The company views this as a significant milestone, demonstrating the support of CLN investors for the JAG Minerals acquisition and its US-based uranium projects. TONOGOLD is continuing discussions with additional CLN holders to potentially increase the conversion percentage further. This development is part of the company's ongoing efforts to restructure its capital structure, as announced on April 10, 2024.

TONOGOLD Resources Inc. (OTC PINK:TNGL) and merger partner JAG Minerals USA, Inc. have provided an update on historic resource estimates for their Marysvale Project in Southwestern Utah. Key highlights include:

1. A historic resource estimate of up to 2.9 million lbs U3O8 within 300-500 feet of the surface.
2. Historic drilling of 115 holes, including 102 by Phillips Minerals in the 1970s and 13 by Trigon Exploration in 2007.
3. Potential to double or triple the historic estimate.
4. Notable drill intercepts include 88.0 ft @ 0.07% eU3O8 and 47.5 ft @ 0.13% eU3O8.
5. The company plans to enhance the project's value through targeted drilling and updating the NI 43-101 Technical Report.

The historic estimates are not compliant with current reporting standards and require further verification.

TONOGOLD Resources Inc. (OTC PINK:TNGL) has entered a binding share purchase agreement to acquire 100% of JAG Minerals Pty , which owns JAG Minerals USA Inc. The acquisition includes three uranium/vanadium projects in West-Central USA. The total purchase price is $8.5 million, comprising $6.5 million in TONOGOLD shares at $0.04/share and $2 million in cash. To close the deal, TONOGOLD will complete a $500,000 convertible loan note, restructure existing note holders, and raise up to $6 million in equity. Post-acquisition, TONOGOLD will change its name to Uranium American Resources, Inc. The deal aims to accelerate development of the Marysvale, SKY Project, and thirteen historic high-grade vanadium/uranium mines in Colorado and Utah.

Tonogold and JAG Minerals announced an amendment to their Term Sheet, extending the Exclusivity Period to July 30, 2024. They reported scintillometer readings up to 45,200 cps at the Stateline Project, with assays showing over 1% Uranium and Vanadium. Seven samples were taken from zones with visible carnotite and uraninite, providing a basis for future drilling operations. The Stateline Project, covering 2.75 square miles, includes former uranium/vanadium mines in the La Sal Creek District. Historic vanadium content averages 1.5%. Future plans include diamond drilling and gamma logging of 15-20 holes. CEO William Hunter emphasized the commitment to completing the transaction and expanding claims in Wyoming, Utah, and Colorado.

TONOGOLD Resources Inc (TNGL) announced that its merger partner, JAG Minerals USA, Inc., has expanded its uranium portfolio by acquiring two new Wyoming State leases near the Sky Project, adding 5.2km2 to the highly prospective region. The Sky Property is strategically located adjacent to Uranium Energy Corp's Wyoming Projects, with proximity to licensed processing plants. The historical resource estimates and ongoing exploration activities indicate promising future prospects for the company.

TONOGOLD Resources Inc (TNGL) has entered a term sheet to acquire JAG Minerals Pty , gaining access to uranium/vanadium projects in the USA. The acquisition includes the Marysvale, SKY, and Stateline Projects, with significant historical production and exploration potential. The purchase price is set at US $6,500,000, with a mix of cash and TONOGOLD shares. CEO William Hunter emphasizes the strategic importance of the acquisition in expanding the company's presence in the North American Uranium and Rare Earth Elements sector.

Tonogold Resources, Inc. (TNGL) has announced its decision not to exercise the option to acquire the Lucerne Properties from Comstock Inc., which includes the former Lucerne mine. The company also received notice of termination regarding the American Flats processing facility option and the mineral exploration lease for the Northern Targets. However, Tonogold is negotiating new lease terms for the Northern Targets, critical for ongoing exploration. Additionally, Gil Playford has resigned as a director, effective immediately.