Dundas Minerals (ASX:DUN) has exercised its option to acquire an 85% interest in the Baden-Powell / Windanya Project from Maritana Minerals’ (ASX:MRT) subsidiary Black Mountain Gold.
Dundas served the option exercise notice on 6 November 2026.
The acquisition consolidates the Kalgoorlie Gold Project in Western Australia, bringing together Maritana’s Capricorn and Baden-Powell deposits and Dundas’ Rockland discovery, Aquarius prospect, and Gemini prospect.
Capricorn and Baden-Powell host inferred mineral resources of 1.25 million tonnes (Mt) at 1.20 grams per tonne gold for 48,500 ounces. Both deposits are shallow, largely unmined, and sit on granted mining leases.
Under the terms, Dundas will pay the $1 million completion consideration in shares, as approved by shareholders on 29 October 2026. The shares are priced at the 20-day volume-weighted average price and escrowed for six months.
Dundas previously paid a $500,000 option fee — split evenly between cash and shares — and met the $500,000 minimum exploration expenditure.
Upon completion, Maritana becomes a close partner at both the project and company levels. It is expected to hold about 7.4% of Dundas shares, retain a 15% interest in the project, free-carried to a decision to mine, and hold a priority right to treat the ore.
Maritana is building the 2.5Mt per annum Black Swan processing hub near Kalgoorlie, with first production targeted for the second half of 2027.
Dundas Managing Director Jonathan Downes says exercising this option is an important step for the company.
“[This transaction] brings two shallow, largely unmined gold resources at Capricorn and Baden-Powell together with our Rockland discovery and Gemini prospect, so the whole corridor can be explored and advanced as one project,” Downes says.
“We have chosen to pay in shares to keep our cash for the drill rig, and we are pleased to have Maritana alongside us as a 15% project level partner.”
Completion of the transaction is expected 10 business days after the exercise notice is served, with registration of the mining lease transfers subject to Ministerial consent.
Dundas Minerals is a gold explorer with a portfolio of projects in WA. Its focus is on advancing precious metal exploration assets across both established mining districts and underexplored frontier regions.
Maritana Minerals is an emerging mid-tier gold producer focused on developing its portfolio of open pit and underground deposits and the Black Swan processing hub near Kalgoorlie-Boulder, WA.
Write to Paula Fabe at Mining.com.au
Main image: Maritana Minerals
