Renegade Exploration (ASX:RNX) has completed the divestment of its 22% stake in the Carpentaria Joint Venture to True North Copper (ASX:TNC).
The news follows Mount Isa Mines’ decision to not exercise its right of first refusal, with a transaction value of $2.88 million.
The buyer will pay $300,000 in cash, three million shares valued at $0.50 each for a deemed value of $1.5 million, and two million performance rights with an agreed value of $880,000 for the transaction.
Renegade will also receive True North Copper’s 91% stake in the Prairie Creek Project, which holds an agreed value of $200,000.
From the shares issued, 50% will be subject to voluntary escrow for six months, while the remaining 50% will be subject to voluntary escrow for 12 months.
The performance rights will vest in two tranches: 500,000 rights upon first production at Mongoose-Taipan or after 36 months, whichever occurs first, and the remaining 1.5 million rights upon a new copper discovery within the joint venture area.
The new copper discovery must sit at least 100m away from the existing Mongoose resource pit shell and meet an agreed minimum inferred resource hurdle. If the discovery sits within the pit shell, it must be uncovered at a depth of more than 200m.
The performance rights will have a five-year expiry period and include customary change-of-control provisions.
This transaction allows Renegade to retain exposure to the future development of the Mongoose-Taipan copper-gold deposits, as well as exploration upside within the Carpentaria Joint Venture permits.
Renegade no longer holds its future funding obligations across the joint venture, enabling the company to shift its resources towards its core North American portfolio of exploration projects.
At its newly acquired Prairie Creek Project in Queensland, Renegade intends to undertake a technical review of the asset.
The Renegade effect
Renegade Exploration Chairman Robert Kirtlan says the transaction is important for the company’s strategy to uncover value across its Australian portfolio and concentrate resources on its “highest priority growth opportunities”.
“Consolidation with True North’s adjoining Taipan deposit provides a logical pathway for those assets to be assessed as part of a larger and more coherent development opportunity,” Kirtlan says.
“Importantly, for Renegade shareholders, the structure delivers immediate value while retaining exposure to future production, resource growth, and exploration success through our True North Copper shareholding and performance rights.
“The transaction also removes Renegade’s future funding commitments across the joint venture, strengthening our ability to direct capital towards our North American gold and silver portfolio, where several advanced targets are being progressed towards drilling.
“The addition of Prairie Creek also provides Renegade with a new Queensland gold opportunity that can be technically assessed without distracting from the company’s principal North American exploration strategy.”
The two parties entered a binding agreement for Renegade’s interest in the Carpentaria Joint Venture in April 2026, as reported by Mining.com.au.
Renegade Exploration is an Australian-based exploration and development company with assets in both Australia and North America.
Write to Maddison Elliott at Mining.com.au
Images: Renegade Exploration
