Great Divide Mining (ASX:GDM) will be transitioning from a gold, antimony, and critical mineral explorer to a producer after receiving shareholder approval.
This change in strategy comes after the company signed a binding farm-in agreement to restart operations at the historical Adelong Gold Mine in New South Wales.
On 11 November 2024, Great Divide signed the deal with Adelong Gold (ASX:ADG) and its wholly owned subsidiary Challenger Mines, with Great Divide appointed as manager to operate the venture.
Great Divide, which has a market capitalisation of $10.85 million, will complete a 90-day due diligence on Challenger Mines’ assets which began in November 2024.
The company says if successful, it will move to acquire a 15% holding in Challenger Mines and become operator of the company. Great Divide is focused on rapidly moving the Adelong Mine back into production.
CEO Justin Haines says Great Divide was formed to develop and acquire a suite of projects which can be developed into viable mines.
“Today our shareholders have confirmed that the company’s transition to production is the right direction, and a great step forward for the business,” Haines says.
Great Divide Mining is a gold, antimony, and critical minerals explorer and developer in Queensland with four projects across 14 tenements. The company is focused on developing assets within areas of historical mining and past exploration with nearby infrastructure.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Divide Mining
