Strickland Metals (ASX:STK) has completed the sale of its interests in the Yandal Gold Project in Western Australia to Gateway Mining (ASX:GML).
The company has received $45 million worth of convertible preference shares in Gateway based on its 15-day volume weighted average share price (VWAP) of $0.03 per share as of 25 June 2025.
All conditions relating to the deal have been satisfied and technical completion has occurred.
The final material step in the transaction is the in-specie distribution of the Gateway convertible preference shares, which will automatically convert into fully paid ordinary shares on a one-for-one basis following completion of an in-specie distribution.
Completion of the in-specie distribution is expected to occur on 26 August 2025.
The Yandal Gold Project contains a JORC 2012 inferred resource totalling 8.17 million tonnes @ 1.52g/t gold for 400,400 ounces with additional significant exploration potential.
Gateway Executive Chairman Peter Langworthy says securing a high‑quality JORC‑compliant resource of 400,400oz of gold in Western Australia represents a major milestone.
“We are now well‑placed to advance the Horse Well gold camp mining licence application and to explore compelling targets such as Dusk ’til Dawn later this year or in early 2026,” Langworthy says.
“The Gateway board believes Yandal represents a cornerstone asset. Its integration with our existing Sandstone projects forms a powerful WA gold portfolio.”
Strickland Managing Director Paul L’Herpiniere says completing the sale of the Yandal Project crystallises significant value for the company, streamlining its asset base as a focused international resource development company.
“Importantly, through the in-specie distribution of the majority of Gateway shares, our shareholders will continue to benefit from the upside of the Yandal assets as they are progressed by a focused and experienced team at Gateway,” L’Herpiniere says.
Write to Adam Orlando at Mining.com.au
Images: Strickland
