Hastings Technology Metals (ASX:HAS) has completed the acquisition of Great Western Gold, which owned 75% of the Whiteheads Gold Project in Western Australia.
The Whiteheads Project, previously owned by Great Boulder Resources (ASX:GBR), presents a “compelling” opportunity for the company to consolidate and optimise the potential of the area with walk-up drill targets and multiple other untested surface gold and geophysical anomalies.
In May 2025, Hastings executed a conditional binding term sheet to acquire Great Western Gold, which granted the suitor the right to acquire Great Boulder’s 75% interest in the project.
Discovery Capital Partners acted as facilitator of the acquisition to Hastings.
As part of the acquisition, Hastings paid $370,000 cash and issued 3 million shares to Great Western’s shareholders and the tenement vendors. A deferred share consideration is payable, valued at $800,000 in shares. These shares will be issued upon satisfying various milestones.
Executive Chairman Charles Lew says the Whiteheads Project offers a low-cost entry to a well-understood gold exploration opportunity with upside potential.
“The advanced nature of the project allows us to immediately move forward with exploration and resource definition, leveraging extensive historical data across multiple previously identified drill targets and other untested gold anomalies at surface and close to Kalgoorlie, the gold capital of Western Australia,” Lew says.
Hastings, which has a market capitalisation of $59.31 million, intends to begin work soon to define a JORC-compliant resource estimate this quarter within the Seven Leaders, Lady Betty, and Blue Poles deposits.
Historical exploration work conducted on the project includes more than 10,000m of drill data, soil sampling, gravity surveys, and geochemical programs. The company has leveraged the data which will support fast-tracking early development options.
The company also wholly owns additional, non-joint venture tenements previously secured by Great Western.
Hastings Technology Metals is a Perth-based rare earths and gold developer. The company’s flagship Yangibana Project is fully permitted for immediate development and is well-timed to meet the forecast supply gap for rare earths accelerated by growth in electric vehicles and wind turbines.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder
