MINING REFINING

Antler enters deal to sell Namibia gold project to Fortress

Thu Sep 19 2024

Antler Gold (Antler) has sealed a definitive agreement with Fortress Asset Management to divest the Erongo Central Gold Project in Namibia. The agreement allows Fortress to acquire up to a 100% interest in the project, with Antler retaining a 2% net smelter return (NSR) royalty.

In May 2024, Antler subsidiary Antler Gold Namibia signed a binding letter of intent for the deal. The transaction includes a total consideration of $5.5m, with a commitment of another $6m for exploration expenditures over the agreement's term.

Antler will maintain a 2% NSR royalty on the project without buyback options. Situated in Namibia's gold district, the Erongo Central Gold Project encompasses four active exclusive prospecting licences and one application, covering an area of around 195km².

The project is positioned adjacent to significant gold ventures including the Twin Hills Gold Project and the Navachab Gold Mine. Antler CEO Chris Drysdale said: “Finalising this agreement creates significant value for Antler Gold and our shareholders, positioning us to benefit from both near-term exploration outcomes and long-term production potential. “Our Project Generation team has been diligently working, and we are eager to apply the same approach to future projects.”

Antler's initial exploration since 2021 confirmed the project’s potential, with historical rock chip assays yielding high-grade gold results. Its exploration efforts have included detailed geological mapping, a comprehensive heliborne geophysical survey and reverse circulation drilling that intersected significant mineralisation.

"Antler enters deal to sell Namibia gold project to Fortress" was originally created and published by Mining Technology, a GlobalData owned brand.

Source: https://finance.yahoo.com