Gordon Mining Enters into Definitive Agreement to Acquire the Tungsten Tail Project, Sierra County, New Mexico

Gordon Mining acquires a New Mexico tungsten project with staged, milestone-based payments.

What the company is saying

Gordon Mining Group Inc. (CSE:GORD, OTCQB:GSPFD, FSE:L5Y) is announcing a definitive agreement to acquire 100% of TT Minerals LLC, which holds the Tungsten Tail Project in Sierra County, New Mexico, USA. The company frames this as securing a U.S.-listed critical mineral asset with historical tungsten production and a documented geological target. President and CEO Ryan Connacher emphasizes the project's history, the absence of prior drilling, and the intention to launch the first modern exploration program. The announcement highlights the staged nature of the acquisition: C$125,000 in cash and 1,500,000 shares at closing, with up to 3,500,000 additional shares issued upon drill permitting, drilling milestones, and resource definition. The company stresses the presence of historical grades (3–4% WO₃ in 1942 and 1955 shipments, and selected samples of 1.42% and 2.91% WO₃), but repeatedly cautions these are unverified and not current resources. The narrative is confident about the exploration potential, referencing recent USGS geophysical data and the project's location on a major fault corridor, but avoids promising near-term resource definition or production.

What the data suggests

The agreement gives Gordon Mining 100% of TT Minerals LLC and the Tungsten Tail Project, comprising 41 contiguous unpatented lode claims over 847 acres in New Mexico. The acquisition terms are C$125,000 in cash and 1,500,000 shares at closing, with further 2,000,000 shares upon drill permitting (within 24 months), 500,000 shares for a 1,000-metre drill program, and 1,000,000 shares for intersecting at least 10 metres true width at a minimum 0.7% WO₃. An additional milestone payment is triggered by a technical report confirming at least 5,000,000 tonnes at 0.5% WO₃. Historical production was limited, with 1942 and 1955 shipments at owner-reported grades of 3–4% WO₃, and selected samples of 1.42% and 2.91% WO₃, but these are not NI 43-101 compliant. The project area was mapped by the USGS in the late 1970s, identifying a tungsten-molybdenum anomaly, and a 2023 USGS airborne survey provides modern geophysical data. No drilling has been recorded on the property to date. The company plans initial fieldwork, mapping, and sampling, followed by ground geophysics and drill permitting, but no resource estimate or economic assessment exists yet. All disclosed figures are historical or contingent on future exploration milestones.

Analysis

The announcement is positive in tone, highlighting the acquisition of a 100% interest in a historical tungsten project and outlining a clear sequence of planned exploration activities. However, the measurable progress to date is limited to the execution of a definitive agreement and the securing of claims; all operational benefits (exploration, drilling, resource definition) are forward-looking and contingent on future permitting and technical success. The capital outlay is significant for an early-stage project (cash and multi-million share payments), but the returns are highly uncertain and long-dated, as no drilling or resource estimate has yet been completed. The release references historical production and sampling, but these are not NI 43-101 compliant and do not support current resource or economic value. The language is generally factual, but the emphasis on historical grades and the scale of milestone payments could inflate investor expectations relative to the project's current status. No profitability, cash flow, or near-term revenue is disclosed or expected at this stage.

Risk flags

• ●All historical grades and production figures are unverified, based on owner statements and selected samples, and are not indicative of a current mineral resource. This creates a risk that actual grades and tonnages could be materially lower than suggested by historical data.
• ●The staged share payments are contingent on achieving specific exploration and permitting milestones, including drill permits, a 1,000-metre drill program, and a compliant resource estimate. If permitting or technical progress is delayed or unsuccessful, the acquisition may stall or become more costly.
• ●No drilling has ever been recorded on the project, so the geological model remains untested. There is a significant risk that exploration may not yield economically viable mineralization, despite historical anomalies and surface sampling.
• ●Permitting for drilling on U.S. Forest Service land can be complex and time-consuming, especially in the Gila National Forest. Any delays or denials in permitting could materially impact the timeline and feasibility of the project.
• ●The transaction requires the transfer of claim interests with the Bureau of Land Management, which is still pending. Any administrative or legal issues with claim transfer could affect project ownership or timing.

Bottom line

Gordon Mining is acquiring a 100% interest in a historical tungsten project in New Mexico, paying C$125,000 in cash and up to 5,000,000 shares in milestone-based tranches. The project is early stage, with no prior drilling and only unverified historical production and sampling data. All operational progress—from fieldwork to drill permitting to resource definition—remains ahead, with no guarantee of success or timeline certainty. The company's narrative is credible in its caution about historical data and clear about the staged nature of payments, but the investment case depends entirely on future exploration results and permitting outcomes. Investors should focus on the company's ability to secure permits, execute the first drill program, and deliver compliant resource data. Until drilling confirms significant mineralization, the project's value remains speculative.

Announcement summary

(CSE:GORD) (OTCQB:GSPFD) (FSE:L5Y) Gordon Mining Group Inc. has entered into a definitive agreement dated October 19, 2026, with Lamina Minerals LLC to acquire a 100% interest in TT Minerals LLC, which holds the Tungsten Tail Project located in the Tierra Blanca mining district, Sierra County, New Mexico, USA. The Tungsten Tail Project consists of 41 contiguous unpatented lode claims (TT 1-41), covering approximately 847 acres (343 hectares), including the historical Tungsten Tail mine (formerly the Silver Tail mine). The claims were located in August 2026, filed with the U.S. Bureau of Land Management under serial numbers NM106841771 to NM106841811, and maintenance fees have been paid through the 2027 assessment year. The claims are held by TT Minerals LLC under a quitclaim deed from Strata Mine Technologies Corp. recorded on October 16, 2026, with the BLM transfer pending. Historical tungsten production at the mine included shipments in 1942 and 1955 at owner-reported grades of approximately 3-4% WO₃. USBM sampling in 1942 returned selected-sample results of 1.42% WO₃ from the ore zone and 2.91% WO₃ from dump mineralization. The project area was mapped and sampled by the USGS in the late 1970s, identifying a tungsten-molybdenum anomaly along the Pierce Canyon fault, and in 2023, the USGS flew an airborne magnetic and radiometric survey at 200-metre line spacing over the area. The project covers the central portion of the Pierce Canyon fault and includes the historical Jayhawk workings. The agreement consideration includes C$125,000 in cash at closing, 1,500,000 common shares at closing, 2,000,000 common shares upon receipt of drill permits (subject to a 24-month post-closing deadline), 500,000 common shares upon completion of a first-phase drill program of not less than 1,000 metres, and 1,000,000 common shares upon completion of a drill hole intersecting at least 10 metres true width averaging at least 0.7% WO₃. Additional consideration is payable upon completion and filing of a technical report disclosing measured, indicated, or inferred mineral resources of not less than 5,000,000 tonnes at an average grade of not less than 0.5% WO₃. The company intends to mobilize an exploration team for geological mapping, sampling, and interpretation of the 2023 USGS data, followed by ground geophysics and drill permitting. President and CEO Ryan Connacher stated that the company plans to carry out the first recorded drill program on the project. The claims are on lands administered by the U.S. Forest Service (Gila National Forest, Black Range Ranger District). Several major mining companies, including Homestake Mining and Phelps Dodge, previously held claims over parts of the area between 1980 and 2015. The company is not aware of any drilling beneath the historical workings. The transaction is with an arm's-length party.

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