The Sangihe mineral tenement consists of one block covering the southern half of Sangihe Island, located between the northern tip of Sulawesi Island (Indonesia) and southern tip of Mindanao (Philippines). Credit: Baru Gold
Shares of Baru Gold (TSXV: BARU) plunged on Monday after the junior miner announced that both of its previously agreed investments would not go through, leaving it once again in search of funding for its flagship project in Indonesia.
The first deal, signed in November 2024, would have seen Pt Arsari Tambang — part of Indonesia’s Arsari Group — become a stakeholder in the Sangihe gold project, which is held 70% by Baru Gold and the rest by other Indonesian groups. Under the agreement, Arsari Tambang could take up to a 25% interest in the project.
However, Baru said in a news release Monday that Arsari Tambang has now decided not to proceed with a definitive agreement.
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