Orea Mining Corp. reported that the Canadian government has not provided a decision concerning Orea's amended purchase agreement to acquire Nord Gold plc's (Nordgold) 55.01% interest in the 5-million-ounce Montagne d'Or gold mine development project (Acquisition). Orea and its legal team are not aware of any transactions obtaining approval by the Canadian government related to persons sanctioned under the Special Economic Measures (Russia) Regulations, and considers it unlikely that the Acquisition will receive approval soon, or ever, therefore the Acquisition has been terminated.

Orea's board is considering all available options to protect and advance its 44.99% interest in Montagne d'Or. Orea reported on June 13, 2023, that the Canadian government rejected the Acquisition, leading to Orea obtaining amendments to the terms and reaching what Orea considers a risk-free purchase agreement (Amended Agreement) from a regulatory perspective (announced July 6 and July 20, 2023), whereby the proposed CAD 100 million payment to Nordgold could only be made by Orea if and when all sanctions are lifted against Nordgold and its shareholders, in all applicable jurisdictions, including in Canada, the United States, France, the UK and the EU. The Amended Agreement also stipulated that the payment would not be due or payable at all under certain conditions.