Deal includes upfront payment and milestone-based payouts tied to resource delineation and gold extraction in Western Australia.
Forrestania Resources will acquire Midas Minerals’ Newington subsidiary, securing 10 gold tenements in Western Australia’s Southern Cross Greenstone Belt. The portfolio covers 212km² with a 33km strike length, targeting areas with historical gold production and known deposits.
The upfront consideration is A$1.5m ($1.07m), paid via shares based on a five-day VWAP. Additional payments of A$1m and A$200,000 per 10,000oz are tied to resource delineation or gold extraction milestones, using a 0.5g/t cut-off grade.
The tenements include wholly owned and joint venture interests, positioning Forrestania for expanded exploration and development in the region.