Hastings Technology Metals is set to acquire Great Boulder Resources’ 75 per cent stake in the Whiteheads gold project in Western Australia.
Located approximately 40km north of Kalgoorlie, Whiteheads comprises two exploration agreements by Great Boulder. The eastern half of the project is a joint venture with Zebina Minerals, who owns the remaining 25 per cent interest.
Hastings will now acquire the 75 per cent stake in Whiteheads as it represents “a compelling opportunity to consolidate and optimise” the area through “walk-up drill targets and multiple other untested surface gold anomalies”.
Under the terms of the agreement, Great Boulder will receive $370,000 in upfront cash and be issued three million of Hasting’s fully paid ordinary shares.
A further consideration of up to $800,000 in Hastings payable shares is subject to Whiteheads’ mineral resource estimates totalling more than 125,000 ounces (oz), 250,000oz, and one million ounces of gold equivalent at a cut-off grade of at least 0.5 grams per tonne (g/t) for ore located up to 150m below surface and 0.8g/t for ore located more than 150m below surface.
“This acquisition is the next step in Hastings’ growth trajectory following the successful creation of the Yangibana joint venture in partnership with Wyloo,” Hastings executive chairman Charles Lew said.
“The Whiteheads project provides Hastings with a low-cost entry to a well-understood gold exploration opportunity with significant upside potential supported by identified drill targets and other untested gold anomalies at surface in close proximity to Kalgoorlie, the gold capital of Western Australia.”
Great Boulder managing director Andrew Paterson described the transaction with Hastings as “compelling”.
“We are happy to see the Whiteheads gold project transition to a proven management team with a track record of value creation from exploration to development,” Paterson said.
“The prospectivity and potential of Whiteheads has been overlooked given the prioritisation of funds and management time at our flagship Side Well gold project, and we’re pleased to become a supportive shareholder in Hastings while they unlock significant value at Whiteheads in this current gold market.”
Hastings will progress a mineral resource for Whiteheads by the fourth quarter of 2025, while advancing Yangibana to a final investment decision and exploring the Brockman niobium and heavy rare earths project and the Ark and Darcy gold tenements, all in WA.
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