Last week in the mining industry, many acquisition deals closed, holding value in the multimillions.
East coast-based Australian gas company Comet Ridge (ASX:COI) completed the acquisition of Santos’ (ASX:STO) 42.86% interest in the Mahalo Gas Project, taking full ownership and operatorship of the Mahalo Gas Hub in Queensland.
As reported by Mining.com.au, the deal held an upfront consideration of $24.42 million cash and the issuance of 83.78 million Comet Ridge shares, which were priced using the 10-day volume-weighted average price before settlement.
A further $30 million is payable in three $10 million tranches when the Mahalo Gas Project reaches cumulative sales of 10 petajoules (PJ), 20PJ, and 30PJ. The structure defers the remaining consideration until the project enters production.
Meanwhile, Mackay Gold & Silver (TSX-V:MKAY) completed its US$20 million ($27.79 million) acquisition of Comstock’s (NYSE:LODE) Nevada mining assets.
The buyer paid US$20 million in cash and issued 2 million common shares to Comstock at closing. An additional US$7 million is due by 21 December 2027, with up to US$2 million payable in shares subject to TSX Venture Exchange approval.
Myriad Uranium (CSE:M) also completed its acquisition of Rush Rare Metals for C$10.49 million ($10.52 million), consolidating full ownership of the Copper Mountain Uranium Project in Wyoming, US.
This deal was completed via the issuance of 24.98 million shares at a deemed price of C$0.42 each.
Another company that wrapped up an acquisition is Industrial Minerals (ASX:IND).
Industrial Minerals completed the acquisition of Galleon Metals through the issuance of 46.67 million shares to Galleon vendors.
In satisfying the conditions precedent, the company completed tranche two of its placement by issuing 10 million shares to sophisticated investors at $0.10 each, along with a total of 8.8 million performance rights to directors.
A further 5.7 million fully paid ordinary shares have been issued in lieu of director fees.
The acquisition provides Industrial Minerals with access to Galleon’s Laverton gold portfolio, which comprises a suite of 15 exploration licences spanning 205km2.
Along with the completion of this acquisition, Industrial Minerals has appointed Warrick Clent as Managing Director and Michael Dunbar as non-executive director.
Industrial Minerals Chair Ashley Pattison says the board is ‘delighted’ to welcome Clent and Dunbar to the team.
“Warrick brings more than 30 years of technical experience and direct knowledge of the Laverton gold portfolio, and Michael’s corporate and technical background complements the skills of the existing board,” Pattison says.
“Both appointments position the company well as we move to advance our gold assets in the Eastern Goldfields.”
Jeffrey Sweet is stepping down from the position of managing director following the appointment of Clent. He will remain with the company as a non-executive director.
Alex Neuling and Melanie Leighton have also tendered their resignations from the board.
Consolidating Mexican assets
Mexico-focused explorer Tocvan Ventures (CSE:TOC) now owns 100% of its flagship Gran Pilar Gold-Silver Project in Sonora following the closing of its purchase agreement with Colibri Resource (TSX-V:CBI).
In this consolidation, Tocvan acquired the remaining 49% interest in the two original Pilar mining concessions, comprising around 105 hectares and hosting the Main zone.
The Main zone is described as the “most advanced” area of the Gran Pilar Project with extensive historical and recent drilling campaigns.
Following the consolidation, Tocvan now has full control over the project area, which the company says is “one of the most advanced and strategically located gold-silver projects in Sonora, Mexico’s premier mining jurisdiction”.
Also in Sonora, Sonoro Gold (TSX-V:SGO) acquired 23 mineral concessions located adjacent to the Cerro Caliche Gold Project, expanding its current landholding in the area.
Through its wholly owned subsidiary Minera Mar de Plata, the Cerro Caliche Project has expanded from 1,350 hectares to 8,215 hectares since January 2026, with the company also holding 51% interest in another 454 hectares.
The buyer will pay a total consideration of US$5.17 million in installments over 18 months.
Minera Mar de Plata also assumes certain liabilities of outstanding mineral concession fees totalling approximately US$990,000.
It also intends to commit up to US$9 million in exploration and development expenditures across the 51% five mineral concessions held.
Sonoro Gold CEO Kenneth MacLeod says the company is able to “materially enhance the scope and scale of the project” with the recent expansions to Cerro Caliche.
“Our current 50,000m drilling program is focused on potentially increasing the size, grade, and classification of the project’s mineral resource, as well as investigating the expected continuation of the mineralised corridors into these new concessions,” MacLeod says.
The Cerro Caliche Gold Project is in the final permitting stage for a proposed initial open-pit, heap leach mining operation.
Write to Maddison Elliott at Mining.com.au
Images: Industrial Minerals & Tocvan Ventures
