QGold, a subsidiary of the QCoal Group, has received Federal Court approval to proceed with the compulsory acquisition of all remaining shares in Carawine Resources, paving the way for full ownership of the exploration company.
The Federal Court decision, handed down on 2 October, clears the way for QGold to finalise its acquisition after the company lodged its plan in March this year. QGold already held approximately 90 per cent of Carawine shares prior to the ruling.
Under the approved terms, QGold will acquire all remaining shares it does not already own at $0.11 per share. Trading in Carawine shares will be suspended after market close on 9 October, with delisting from the ASX scheduled for 14 October 2025.
Carawine Resources has been active in early- to advanced-stage exploration across Western Australia and Victoria, with a portfolio spanning gold, copper, and base metals. Its key assets include the Tropicana North gold project, along with the Jamieson project in Victoria, which hosts the Hill 800 and Rhyolite Creek prospects.
Earlier this year, the company was assessing whether to continue exploration at the Big Bullocks licence in the Fraser Range following the withdrawal of IGO from their joint venture arrangement.
QGold’s broader portfolio includes the Woolgar Gold Project in Queensland’s North-West Minerals Province. Operated by QGold subsidiary Strategic Minerals Corporation, the project has strong backing from the Queensland Government as part of its strategy to develop the state’s emerging critical and precious minerals sector.
The Big Vein South deposit within the Woolgar project has been identified as one of Queensland’s most significant undeveloped gold resources, with mining leases already granted.
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