Alt Resources has signed a binding heads of agreement (HoA) to acquire a significant exploration package in the Mt Ida district in Western Australia from Latitude Consolidated (LCD).

Under the agreement, Alt will gain the Quinns and Mt Ida South projects, as well as LCD’s 80% stake in the Mt Ida JV.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The exploration package covers the Bottle Creek mining lease and contains existing JORC resources of 1.24Mt at 2.5g/t Au, for 97,300oz of Au.

It also expands Alt’s holding in the Australian region, enhancing significant exploration and development potentiality.

Alt Resources CEO James Anderson said: “The expansion of Alt’s portfolio through this acquisition, as well as the recent option to purchase agreement by the company for the Bottle Creek Gold Mine is in-line with the company’s strategy to work towards becoming a gold producer.

“The Mt Ida South and Quinns Projects contain 97,000 JORC-compliant gold ounces in satellite ore bodies.”

“The Mt Ida South and Quinns Projects contain 97,000 JORC-compliant gold ounces in satellite ore bodies.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The deal requires Alt to make a cash payment of $400,000 to LCD within seven days of signing the HoA and issue $750,000 in tradeable fully paid ordinary ARS shares, carrying a voluntary escrow period of six months from the date of completion.

Alt would also grant $250,000 in options over fully paid ordinary ARS shares, with 3,125,000 in total and each one having an exercise price of 8 cents per unit and being exercisable for three years from the date of issue.

Furthermore, the company will make a cash payment of $600,000 to LCD on or before 30 March this year.

The issue of ARS shares under this acquisition may require shareholder approval.