Vita Resources (ASX:VTA) has executed a heads of agreement (HOA) with Otago Gold, which grants Vita exclusive rights to evaluate, explore, develop, and potentially mine hard-rock targets from 10m depth across Otago Gold’s project portfolio in New Zealand’s Southland and Otago regions.
Non-Executive Chairman Gavin Rutherford says the partnership creates an ‘exciting’ opportunity in a ‘friendly’ jurisdiction.
“To date, New Zealand’s world leading success and reputation in agriculture and dairy has overshadowed its spectacular gold producing potential,” Rutherford says.
“The potential and price of gold coupled with the gold endowment New Zealand enjoys should see a future where its primary industry will be represented by both agri-industry and mining.”
Rutherford met with New Zealand Mining Minister Shane Jones in July 2026 to outline the partnership model, reporting an ‘enthusiastic’ reception regarding the potential for job, industry, and gross domestic product growth.
Otago Gold is creatively funded using non fungible tokens and uses a self-generated and proven model for farm access and Traditional Owner engagement, with no intention to engage in deeper or larger-scale exploration on its tenements.
“Otago Gold is a very successful, new age alluvial miner with excellent credentials,” Rutherford says.
“[Its] actions demonstrate an industry presence where farm access, relationships, agreements, and Traditional Owners relationships, combined with an excellent ‘nose’ for the right geology, couples very well with the suite of exploration expertise Vita brings to the relationship.”
Under the terms of the agreement, Otago Gold is free-carried for 20% equity in any given project until a Feasibility Study or decision to mine is reached. At that stage, Otago Gold’s 20% interest can convert into a joint venture, be converted into a 2% net smelter royalty, or be sold at fair market price with Vita holding the first right of refusal.
Otago Gold also retains all alluvial rights across the portfolio.
Vita says the partnership aligns with its strategy to expand its gold exploration presence, operating as a sibling unit to its Ninnis Project in Western Australia.
The company has three months to complete due diligence before deciding whether to proceed to a binding agreement.
Vita Resources is an explorer focused on gold, copper, silver, and battery metals across Australia, Canada, Chile, and Sweden.
Write to Paula Fabe at Mining.com.au
Images: Mining.com.au
