The money will be used for ongoing permitting and predevelopment work at the North Bullfrog project, as well as exploration at its Mother Lode and Lynnda Strip projects, in Nevada, Corvus said in a statement.

The company also granted AngloGold an exclusivity period of 90 days in which it will abstain from discussions or actions related to material transactions involving its assets or change in share structure.

The news lifted Corvus’ share price on the TSX by nearly 14% to C$2.94 apiece, giving the company a market capitalisation of C$373-million.

Corvus’ $167-million North Bullfrog will produce 147 000 oz/y at an all-in sustaining cost of $727/oz, according to a preliminary economic assessment. The study yielded an aftertax net present value of $452-million and a 47% internal rate of return.