Emerald Resources (ASX:EMR) reports Manda Resources, in which Emerald holds a 19.8% equity stake, has completed acquisitions of North Queensland gold assets.
Manda secured Broken Hill Gold‘s (ASX:BH6) North Queensland assets, including the Alice River Project and St George Gold-Antimony Joint Venture Project. It also acquired 100% of Territory Minerals, securing the Tregoora and Northcote Goldfields projects.
The completed acquisitions give Manda a combined global JORC mineral resource of 1.33 million ounces of gold across its North Queensland portfolio.
Manda has also appointed a new chief executive: Tara French, who brings over 25 years of exploration experience. She most recently served as Managing Director at Cazaly Resources (ASX:CAZ) and previously as General Manager Exploration at Regis Resources (ASX:RRL).
According to Emerald, Manda commenced drilling at Tregoora and Northcote using funds raised under a pre-initial public offering (IPO) capital raising. Manda successfully completed a $9 million pre-IPO raise, with Emerald contributing $6.4 million.
Manda is progressing a proposed ASX listing in late 2026, subject to market conditions and meeting formal admission requirements. Emerald says it intends to take a cornerstone stake in the IPO and maintain approximately 19.9% of Manda’s issued capital following the listing.
Beyond the North Queensland assets, Manda holds the Lake Burnside Potash Project covering approximately 700km² in Western Australia’s Warburton Mineral Field. The company also has approximately 1,500km² of tenure in the Yandal Greenstone Belt through Avenira‘s (ASX:AEV) Jundee South Gold Project.
Managing Director Morgan Hart says Manda represents an important strategic investment in Emerald’s growth plans while the company remains focused on its 100% owned Okvau Gold Mine in Cambodia and the development of the Memot and Dingo Range gold projects.
“Under Ms French’s leadership, along with a successful IPO, in Emerald’s view, the market will see the consolidation of the North Queensland exploration assets into a well-funded vehicle with the potential to grow significantly in scale and deliver a premier gold mining hub,” Hart says.
Emerald reported $424 million cash and $34.1 million in bullion at the end of the June quarter, demonstrating financial capacity to support strategic investments alongside its core Cambodian operations.
Emerald Resources is a sustainable gold explorer and mining company, with projects in Cambodia and Australia.
Write to Paula Fabe at Mining.com.au
Main image: Emerald Resources
