Accelerate Resources (ASX:AX8) has executed binding agreements to acquire 100% ownership of its 432km² Woodie Woodie North (WWN) Manganese Project in Western Australia’s East Pilbara.
The company has completed two share-only transactions scheduled for completion before 2 October 2026, removing all vendor milestone payments, royalties, and third-party rights across the project. No cash consideration is payable under either transaction.
The consolidation delivers simplified ownership as Accelerate advances metallurgical studies at Area 42 and prepares for maiden drilling at the Gingarrigan prospect.
CEO Luke Meter says this is a ‘decisive simplification’ of the Woodie Woodie North ownership structure.
“On completion, we will own the Area 42 corridor outright and every remaining milestone payment across the project will be extinguished, with no cash leaving the company,” Meter notes.
“From that point, all manganese we discover and develop at WWN will belong solely to Accelerate shareholders.
“With the ownership structure being consolidated, our focus turns to the drill rig at Gingarrigan, where around 3,000m of reverse circulation drilling will test high-grade manganese at surface for the first time.”
The first transaction sees Accelerate acquire 100% of exploration licences E45/5854 and E45/5088 from RH Resources and Pardoo Resources, wholly owned subsidiaries of First Development Resources (LSE:FDR).
Consideration comprises 25 million fully paid ordinary shares subject to 12-month voluntary escrow.
E45/5854 hosts the Area 42 manganese corridor, where Accelerate is completing metallurgical studies evaluating direct shipping ore and dense media separation processing pathways.
The second transaction removes all project milestone payments through a deed of release with seven unrelated vendors. The terminated agreements carried future milestone payments of up to $2 million in cash and 20 million AX8 shares triggered by resource definition and development milestones.
Consideration comprises 30 million fully paid ordinary shares, with 11.97 million shares subject to six-month voluntary escrow.
The 55 million consideration shares will be issued under existing placement capacity, taking total shares on issue to 1.47 billion following completion.
Accelerate intends to undertake approximately 3,000m of reverse circulation drilling at Gingarrigan starting next month (October 2026). Recent mapping identified more than 200 manganese outcrops across the Gingarrigan and El Largo areas, with rock chip sampling returning grades up to 59.40% manganese (Mn).
The project holds an inferred resource estimate of 1.2 million tonnes (Mt) @ 19.10% Mn and exploration targets of 5.3–10.7Mt @ 10–19% Mn.
Accelerate Resources is an explorer focused on discovering and developing gold and critical metal assets, such as lithium and manganese, across WA.
Write to Paula Fabe at Mining.com.au
Main image: Accelerate Resources
