- GoldMining Inc. (GLDG, Financial) announces strategic earn-in agreement with Australian Mines Limited (AUZ) for the Boa Vista Project in Brazil.
- AUZ can acquire up to 80% interest in Boa Vista with a total consideration of up to $7 million in cash and equity.
- Agreement includes a three-stage option structure with substantial exploration commitments and staged payments.
GoldMining Inc. (GLDG) has entered into a strategic earn-in agreement with Australian Mines Limited (AUZ) for the Boa Vista Project, located in Brazil's Tapajós Gold Province. Under this agreement, AUZ has the opportunity to acquire up to an 80% interest in the project. This transaction involves a structured earn-in process worth up to $7 million, to be paid through a combination of cash and equity.
The agreement is divided into three options. The first option allows AUZ to earn a 51% interest by incurring $3.978 million in exploration expenditures, completing a minimum of 6,000 meters of diamond drilling, and establishing a JORC-compliant resource of at least 500,000 ounces of gold. The second option allows for an additional 19% interest through the completion of a feasibility study with more than 250,000 ounces of gold reserves. The third option offers an additional 10% interest, which requires payment based on the mineral resource values or AUD $5 million.
The Boa Vista Project, currently 84.05% owned by GoldMining, encompasses approximately 9,201 hectares in Pará State, Brazil. It features significant gold mineralization, including the VG1 prospect, which contains a gold-in-soil anomaly spanning over 2 kilometers.
This strategic partnership allows GoldMining to unlock value from the Boa Vista Project while retaining a 20% interest. The deal facilitates significant exploration investments, including 6,000 meters of diamond drilling, and opens the potential for future benefits as AUZ advances the project.
