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IronRidge completes divestment of May Queen Gold Project

Published by , Editor
Global Mining Review,

IronRidge Resources Ltd, an African focused minerals exploration company, has announced that it has completed the sale of its non-core May Queen gold project in South East Queensland to Australasian Gold Ltd (AGL) (refer RNS of 14 September 2020).


  • IronRidge completes the sale of its non-core May Queen gold project in South East Queensland, allowing it to maintain focus across its core African portfolio.
  • IronRidge to receive 4.5 million shares representing 28.1% of the enlarged share capital of AGL with IronRidge to invest AUS$100 000 at 10 cents per share to provide AGL with additional working capital.
  • IronRidge to hold an initial 5.5 million shares in AGL representing 32.3% of the enlarged capital on completion of the transaction.
  • IronRidge maintains both top-up rights as well as the option of a future seat on the AGL Board.
  • AGL is an Australian focused gold explorer with a prospective gold project within the proven Ashburton region of Western Australia and within 30 km of the 207 000 oz gold Paulsens gold deposit (JORC compliant) and Mt Clermont Queensland. AGL is currently working towards an IPO on a reputable exchange.

Vincent Mascolo, CEO of IronRidge, said: "We are pleased to be partnering with AGL on the divestment of our non-core May Queen gold project in South East Queensland, Australia. The divestment provides IronRidge with significant project upside through exploration success, to be led by AGL, whilst allowing the company to intensify capital focus and managerial momentum on our core suite of gold and lithium assets in Africa.

"AGL has demonstrated considerable experience in gold exploration to date, in addition to holding a prospective gold project in Western Australia; providing IronRidge with additional upside from their existing portfolio and the expertise they bring to the ongoing advancement of the May Queen project.

"The Board is confident that AGL will deliver further success at May Queen through targeted exploration and we look forward to keeping the market updated as results become available."

Divestment terms:

IronRidge is to sell its May Queen gold exploration project in Australia to AGL. Under the terms of this divestment, subject to ministerial sign off, IronRidge will:

  • Receive 4.5 million in AGL for the May Queen gold project.
  • Invest AUS$100 000 at 10 cents in AGL to provide additional working capital.
  • Hold an initial 5.5 million shares in AGL post the transaction and pre-IPO.
  • Have the right to a future Board position in AGL (whilst a shareholding of greater than 10% is maintained).
  • Maintain top-up rights.

The company will provide confirmation of the transaction once ministerial approval has been obtained.

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Australian mining news Gold mining news