Alchemy retains 100% Bryah JV ownership 

Alchemy Resources (ASX:ALY) has secured Sandfire Resources’ (ASX:SFR) 80% interest in the Bryah joint venture (JV) in Western Australia through its wholly owned subsidiary Three Rivers. 

Alchemy, which has a $9.42 million market capitalisation, is working with Sandfire on the transition of project management and data and is expected to take full control at the end of Q1 2024. 

Sandfire’s exit from the Bryah JV provides Alchemy a position as dominant holder of base and precious metals tenements in the Bryah region, with an ‘extensive’ database and an estimated exploration spend of over $18 million to date.  

In January 2014, IGO (ASX:IGO) agreed to farm into Alchemy’s Bryah Basin permits to earn up to an 80% interest. 

IGO remained operator of the permits until 2018, at which time Sandfire the farm-in rights. Spending included $3.9 million by IGO and a further $14.5 million by Sandfire since the original JV began. 

Alchemy Resources Chief Executive Officer (CEO) James Wilson says the company will now hold a ‘dominant’ land package in a region renowned for ‘world-class’ discoveries.    

“The original farm in agreement with Independence Group and more recently Sandfire, provided the funding and impetus for a long-term exploration program in the Bryah for over a decade. 

Alchemy thanks IGO and Sandfire for their commitment to exploration in the region over the period. 

Alchemy will now ultimately control a dominant 100% owned land package in a region renowned for world-class discoveries such as DeGrussa, along with a multi-million dollar exploration database with over 338,000m of drilling and surface geochemistry and geophysics information.”  

Alchemy Resources is an explorer focused on growth through discovery and development of gold, base metal, and battery metals within Australia. 

As of 30 September 2023, Alchemy had $4.369 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Alchemy Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.