Resources & Energy Group (ASX:REZ) has executed a binding term sheet with Rembrandt Mining for gold mining and production at the Maranoa Gold Deposit in Western Australia.
The agreement sees Rembrandt fund 100% of capital expenditure, including drilling, mining, and processing infrastructure, while REZ retains full tenement ownership.
The companies will split profits on a sliding scale from 50/50 at $3,000 per ounce gold to 60/40 in REZ’s favour at $7,000 per ounce and above.
Operating costs will be recovered on an open‑book basis with no markup before profits are shared. Processing will mainly use third‑party toll mills, with on‑site vat leaching as a backup.
“The Rembrandt gold mining and production joint venture is a material step forward for REZ in 2026. We preserve 100% of Maranoa ownership while eliminating capex burden and capturing upside through a gold-price-linked profit share, 60/40 in our favour above $7,000 per ounce,” Managing Director Daniel Moore says.
“This allows REZ to focus capital and management attention on our adjacent gold projects at Goodenough, Gigante Grande and Granny Venn.”
Rembrandt Managing Director Adrian Hall says Maranoa represents a clean, low-cost entry into gold production.
“The deposit is well-defined, the exploration risk is closed out, and the project structure provides the governance discipline and regulatory certainty required for a fast, controlled start-up,” Hall says.
The capital protection structure means Resources & Energy Group commits zero capital unless exploration confirms 300,000+oz gold inventory, triggering optional 50/50 carbon-in-leach plant co-development.
The arrangement allows REZ to focus on resource definition and exploration growth across Goodenough (61,200 ounces at 92% indicated), Gigante Grande (40,700 ounces inferred, plus 160,000–500,000oz exploration target), and Granny Venn.
Under the tribute mining agreement, Rembrandt serves as the contract operator, while REZ retains the legal operator designation for regulatory purposes. REZ receives $200,000 per annum plus GST as a management fee.
Rembrandt will arrange, fund, and execute development, mining, ore processing and rehabilitation at the Maranoa Gold Deposit held under mining lease M29/427.
Write to JC Villarba at Mining.com.au
Images: Resources & Energy Group
