Combined company will have ~1.3Moz in JORC resources, a vast and highly prospective
exploration portfolio in WA and Queensland and will be led by the highly successful
management team which founded Pilbara Minerals.
- Spitfire Materials Limited (ASX: SPI) and Aphrodite Gold Limited (ASX: AQQ) have signed a
binding terms sheet for a merger by way of a court approved Scheme of Arrangement.
- The merger will create a leading ASX-listed gold company with an advanced and
complementary exploration and development portfolio in Western Australia, Queensland and
the Northern Territory.
- The key asset of the merged entity will be the Aphrodite Gold Project, located approximately
65km from Kalgoorlie in Western Australia, a PFS-level project with outstanding near-term
production potential and exceptional exploration upside.
- The Aphrodite Gold Project offers outstanding synergies with Spitfire’s Mulwarrie Gold Project,
located 65km away, where it has recently discovered significant high-grade primary gold
- The merged entity plans to embark on an aggressive drilling program with the aim to expand
the existing Mineral Resource inventory at Aphrodite and define a JORC Resource at
Mulwarrie. Drilling is set to resume at Mulwarrie this week.
- The merged entity also offers exposure to discoveries at the large-scale Alice River Gold Project
in North Queensland, where a maiden drilling program is set to commence next month.
- The merged entity’s Australian gold strategy will be led by the highly skilled management team
(Neil Biddle and John Young) which founded the successful lithium developer Pilbara Minerals
Limited. Aphrodite directors Peter Buttigieg and Roger Mitchell will also join the merged
entity’s board. Peter Buttigieg will be the Non-Executive Chairman.