- Business
- Glen Eagle Resources Inc. (TSXV:GER) is a junior mining company engaged in the acquisition, exploration, development, and evaluation of mineral properties primarily focused on precious metals including gold and silver; it recovers gold and silver from mine tailings and ore rocks at its Cobra Oro processing plant in Honduras while advancing exploration projects in Canada such as the La Cobra property in Valle Department, Honduras, and lithium prospects including Lessard, Perigny, and Nicobi properties in Quebec's Lebel-sur-Quevillon area characterized by lake-bottom lithium anomalies up to 45 ppm. Founded in 1988 and headquartered in Saint-Lambert, Quebec, the company operates in two main segments with activities spanning Canada and Central America, targeting gold production expansion, additional mining concessions, and preliminary economic assessments on promising assets; it holds an 80% interest in the Piedra Dorada mining concession in Honduras' El Corpus district. In December 2024, shareholders approved an option agreement granting Gold Max, S DE R.L. the exclusive right to purchase all shares of subsidiary Cobra Oro De Honduras, S.A. DE C.V., encompassing the Cobra Oro processing plant and related mining claims for cash payments totaling USD$3.26 million subject to conditions, alongside a settlement agreement with GEM resolving prior obligations through phased payments including USD$1.8 million and revenue shares from the transaction or future financings; the TSX Venture Exchange provided conditional approval in November 2024, marking a significant divestiture of Honduran operations while director Jean Labrecque resigned around the same period.