MINING REFINING

Mount Gibson Acquires Stake in Gold Project

Wed July 16 2025

Company expands gold assets with $50 million Northern Territory acquisition

Mount Gibson Iron Limited (ASX:MGX) has announced an agreement to purchase a 50 per cent stake in the Central Tanami Gold project joint venture from Northern Star Resources for $50 million. The acquisition also includes adjacent wholly owned exploration tenements. Mount Gibson Iron Limited is an Australian resources company focused on iron ore operations. The company also has investments in other resource projects.

The acquired assets encompass over 2100 square kilometres of mining and exploration tenements located in the Central Tanami region of the Northern Territory. These tenements contain mineral resources totalling 13.8 million tonnes of gold at 3.6 grams per tonne, equating to 1.6 million ounces of contained gold.

In addition, Mount Gibson will acquire exploration tenements from Northern Star covering approximately 3600 square kilometres. This acquisition provides Mount Gibson with a dominant land position in an established gold region known for its history of substantial gold production.

Mount Gibson anticipates that this acquisition will enable it to accelerate permitting and technical work. The company aims to position itself for a potential development decision within the next 12 to 18 months. According to Mount Gibson, the deal represents an attractive resource multiple of $61 per ounce for a 50 per cent interest in the project’s mineral resources.

Source: https://www.sharecafe.com.au/