Prior to the Adventus management team decision to focus the company efforts in Ecuador and as part of Adventus' initial public offering (IPO) on the Toronto Venture Exchange in 2017, Adventus owned a large portfolio of exploration projects and licenses in Ireland and Newfoundland and Labrador, Canada. With Adventus primarily focused on the continuing exploration and development of its core project portfolio in Ecuador, the management team has completed several transactions to ensure continued funding of its secondary portfolio projects by third parties and partners while retaining exploration upside for its shareholders.
Newfoundland & Labrador Portfolio – Canstar Resources
In 2018, the 100%-owned Adventus exploration project portfolio in the Buchans and Daniel's Harbour historic mining camps were transferred to Canstar Resources Inc. as part of a consolidation transaction along with Altius Minerals Limited, in return for Canstar shares – see news released dated February 21, 2018. Adventus continues to be a strategic shareholder of Canstar with a representative on the Board of Directors.
Ireland Portfolio – BMEX Ltd & South32
In 2019, the 100%-owned Adventus exploration projects in Ireland: Lismore, Millstreet and Charleville were transferred to BMEX Ltd of Australia in return for BMEX shares – see news release dated February 7, 2019. Adventus continues to be a strategic shareholder of BMEX, who are advancing a portfolio of exploration projects in Ireland and Australia.
In 2020, Adventus and South32 announced an earn-in agreement which provides South32 the option to acquire 70% of three 100%-owned Adventus exploration projects in Ireland (Rathkeale, Kingscourt, Fermoy) by funding EUR 3,500,000 over four years – see news release dated January 13, 2020.