Japan Gold sold shares at a 50% premium. The price was a path for Solidcore to own 80% of its best ground
Solidcore Resources committed US$25 million to five target areas and bought 19.9% of the company. Japan Gold is now debt free.
September 24, 2026 at 9:00 a.m. EDT · 2 min read
Japan Gold (TSXV: JG) announced on September 23 what it called "$50 Million of Committed Capital." The headline number combines four separate pieces. Each one has a cost.
The pieces
1. Equity at a premium. Solidcore Resources bought units for $9.5 million and Equinox Partners bought shares for $1 million, all at $0.12. Japan Gold says that is a 50% premium to its market price, which implies a pre-deal price of about 8 cents. Solidcore now holds 19.9% on a partially diluted basis.
2. A US$25 million earn-in. Solidcore committed to spend $35 million (US$25 million) over 36 months on five target areas. Doing so earns it the option to take 49% of up to five joint ventures, one per area.
3. Debt converted. Equinox converted $2,763,000 of convertible debentures and $88,754 of interest into 23,764,611 shares at $0.12. Japan Gold says it is now debt free.
4. A bigger royalty. OR Royalties will pay US$3 million to raise its royalty on all Japan Gold properties to 2% from 1.5%.
How far Solidcore can go
The earn-in does not stop at 49%. Solidcore can move to 70% in any joint venture by funding a pre-feasibility study alone, and to 80% by funding a bankable feasibility study.
At that point Japan Gold holds 20% and has three choices: fund its share toward production, sell half to Solidcore and convert the rest to a 1% net smelter royalty, or sell its whole 20%.
Who Solidcore is
Solidcore produced about 400,000 ounces of gold in 2025, is listed on the Astana International Exchange with a US$5.5 billion market value, and was previously listed in London as Polymetal International.
Why it matters
A premium share price is real money, and a debt-free balance sheet is a real improvement. But on the five best target areas, Japan Gold has traded a potential 100% for a funded path to as little as 20%, or a royalty. The 22 remaining projects stay with Japan Gold, funded by the new equity.
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