Astute Metals consolidates Georgina ownership 

Astute Metals (ASX:ASE) has entered into a conditional term sheet with joint venture partner Greenvale Energy (ASX:GRV) to acquire the outstanding 20% interest in the Georgina IOCG (iron-oxide-copper-gold) Project in the Northern Territory. 

Astute, which has a $13.13 million market capitalisation, says the acquisition is a natural step for the company to simplify the project’s ownership structure. The company says it will also reduce administrative complexity, and create optionality to allow Astute to optimally explore the Georgina asset and seek a potential strategic partner.  

The proposed transaction, which is subject to shareholder approval, will see Astute secure 20% of Knox Resources, which holds the Georgina project. 

If approved, Greenvale’s shareholding in Astute will increase from 11.21% to 12.27% and will continue to hold a 2% net smelter royalty over Georgina. 

Astute Metals Chairman Tony Leibowitz says the company is looking forward to drill testing ‘exciting’ new targets in the second half of this year in hopes of uncovering a ‘transformational’ mineral discovery.  

​​“This transaction represents a sensible and logical consolidation of the Georgina asset. Astute will move to 100% ownership of the project, simplifying the ownership structure, and providing us with full optionality to unlock the value of this significant asset moving forward. 

The scrip-based consideration allows our joint venture partner Greenvale Energy to retain exposure to future exploration success via their shareholding in Astute as well as its 2% NSR.”

Greenvale Energy Chairman Neil Biddle says the transaction ensures the company retains exposure to future exploration upside as Astute continues to advance the project towards a discovery.   

“This streamlines Greenvale’s business and ensures we can focus our full resources and attention on commercialising the flagship Alpha Torbanite Project while also bringing our exciting new helium and hydrogen assets to account over the next 12 months.”

Meanwhile, Astute is lining up further geophysical inversion modelling for the Leichhardt East, West, and Banks prospects. 

Once complete, the company will move forward with a target ranking exercise and design drillholes to test the ‘highest priority’ targets for the second half of 2024. 

Astute Metals is a mineral explorer focused on discovering and developing its critical metals assets in tier one jurisdictions. The company’s assets lie in Nevada, US, Western Australia, and the Northern Territory. 

Greenvale Energy is an explorer with a suite of projects in Queensland and the Northern Territory. 

As of 30 December 2023, Astute Metals had $2.483 million cash and cash equivalents at hand, according to its latest quarterly report.

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Images: Astute Metals
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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.