The Australian mining company Adelong Gold Ltd has entered into an agreement to sell the remaining 49% of shares in the Challenger Gold Mine project to a partner in the Great Divide Mining Ltd joint venture. This is reported in the press release of Adelong Gold.
Under the agreement, Adelong will receive 10 million shares of GDM worth 3.1 million Australian dollars ($2 million) and royalties of 1% of net income from future gold production under the 125,000-ounce project.
The transaction is expected to be completed at the end of January 2026 after approval by shareholders and regulatory authorities. As part of the transaction, the activities of the Challenger Mines Pty Ltd. joint venture are terminated, releasing Adelong from obligations to finance the project in the future.
The sale of shares allows Adelong to focus on the implementation of projects for the extraction of high-quality gold and antimony in Victoria province, acquired earlier in 2025.
Adelong Gold Ltd is an Australian company exploring for mineral resources, including gold and lithium, in Western Australia and Brazil. The headquarters is located in Melbourne (Australia).
Great Divide Mining Ltd is an Australian company developing mineral deposits (gold, antimony, copper, as well as lithium and rare earth metals) in Australia. The headquarters is located in Brisbane (Australia).
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