Sunshine Metals (ASX:SHN) has completed the acquisition of the Mt Moss Operation in North Queensland for a cash consideration of $18 million.
The consideration comprises an upfront payment of $8 million, followed by $10 million deferred, with the sale providing Sunshine an advanced pathway to gold production.
Through this acquisition, Sunshine has acquired full rights to the Mt Moss Operation, which is a processing facility adjacent to the company’s Sybil and Liontown projects, as reported by Mining.com.au.
The Mt Moss Operation contains a 300 kilotonne per annum crushing and grinding processing facility which will be transformed into a gold processing facility with the inclusion of leaching, elution, and refining components.
Sunshine completed a placement and share purchase plan to fund the cash consideration of the acquisition, while also funding the Liontown mine start-up, exploration, resource development, and general working capital.
With the acquisition now complete, Sunshine has rapidly progressed the engineering and design work required for Mt Moss restart, with a detailed plant design scheduled for completion in August 2026.
The company says plant refurbishment, construction, and permitting activities are remaining on track to support Liontown’s first gold processing activities in mid-2027.
Sunshine is progressing project financing discussions to fund construction at Mt Moss.
The Mt Moss Operation hosts 7km2 of mining leases and 753km2 of exploration permits, along with a tailings storage facility and extensive supporting infrastructure.
The operation has a 28-room accommodation camp, workshop, office complex, core shed, large laydown yard, and critical spares.
The accommodation camp is now operational and will support contractors during plant refurbishment and construction activities.
What people are saying
Managing Director Damien Keys says the acquisition of Mt Moss provides the company with a “permitted processing site and existing infrastructure that will underpin the company’s planned transition to gold production from the Liontown Project in 2027”.
“Our team is working closely with local engineering, metallurgical, and environmental firms to ensure we are construction ready as soon as possible,” Keys says.
“Minor plumbing, electrical, painting, and building works have brought the camp back to life, with 28 rooms now ready to accommodate mill recommissioning crews and exploration teams.
“Last week, Sunshine hosted key government and investor stakeholders at Mt Moss, showcasing the progress of the camp refurbishment and plans to upgrade the processing facility.
“Final site preparations at Sybil are now nearing completion ahead of drilling at Francis Creek, Francis Creek East, and Blue Range.”
Drilling is expected to begin at Sybil in early July, followed by an updated mining study for Liontown by August.
Engineering and design work for Mt Moss is expected to be completed by August.
“Sunshine’s sites are a hive of activity at the moment, and we look forward to updating shareholders on our progress,” Keys adds.
Sunshine Metals is a gold and base metals mining company with assets in Queensland.
The company will be attending the Noosa Mining Investor Conference, held from 22–24 July, at Peppers Noosa Resort, Noosa Heads, Queensland.
Mining.com.au is an official media partner of this year’s conference.
Write to Maddison Elliott at Mining.com.au
Images: Sunshine Metals
