CuFe (ASX:CUF) is expecting to complete the acquisition of the remaining 45% of the Tennant Creek Copper-Gold-Bismuth Project in the Northern Territory in January 2027.
The company has signed a binding conditional share sale agreement with Gold Valley Investment and Horseshoe Manganese to buy Gecko Mining Company, which holds that stake. CuFe already owns 55%.
Consideration is 1.6 billion new fully paid ordinary CuFe shares. Gold Valley and its associates would hold about 53% of the company on an undiluted basis after completion.
Each seller will enter a voting restriction deed capping exercisable votes at 20%, which lapses within 18 months.
Of the total, 500 million shares face a 24-month holding lock as security for warranty claims. The company has also applied to the ASX for a waiver of Listing Rule 10.7. Without it, the shares face 12 months of escrow.
Completion depends on shareholder approvals, regulatory and third-party consents, and no material adverse change.
CuFe must confirm satisfactory due diligence by 16 November 2026, and all conditions must be met by 31 March 2027. The company plans to dispatch the notice of meeting in December, with a shareholder meeting in January.
The sellers can nominate one non-executive director while holding at least 15% of CuFe, with Scott Meacock the initial nominee.
The project sits about 30km north-west of Tennant Creek town in the Northern Territory, covering about 240km2, and includes the Orlando and Gecko deposits.
The JORC 2012 mineral resource stands at 23.5 million tonnes at 1.73% copper and 0.72 grams per tonne gold.
That contains 405,000 tonnes of copper, 544,000 ounces of gold, 2.9 million ounces of silver, and 16,500 tonnes of bismuth.
Reverse circulation and diamond drilling began in October across both corridors, with first assays due in early December.
Executive Director Mark Hancock says the deal simplifies ownership as drilling ramps up.
“The sellers will retain significant exposure to the future success of the project through their ownership in CuFe, ensuring strong alignment as we work to grow the existing resource base,” Hancock says.
CuFe is an Australian resources company advancing copper-gold and iron ore development projects in the Northern Territory alongside critical minerals exploration in Western Australia.
Write to JC Villarba at Mining.com.au
Images: CuFe
