Win Metals (ASX:WIN) is set to receive $9.05 million from Astral Resources (ASX:AAR) through a tenure rationalisation transaction over portions of the Mt Edwards Nickel Project.
The company executed transaction documents on 25 September 2026, with completion scheduled by 5 October 2026. WIN will get $8.05 million plus GST on completion, with an additional $1 million plus GST payable following registration of mining lease M15/96 transfer to Astral.
Under the agreement, WIN gains gold rights on mining leases 15/99, 15/101, and 15/102, plus a mining rights agreement over all mineral rights covering the McEwen and McEwen Hangingwall nickel resources on a portion of M15/653.
The company transfers tenure and all mineral rights (excluding lithium) on mining leases 15/96, 15/97, 15/100, 15/653, 15/1271, and miscellaneous licence 15/254 to Astral. The transaction also includes transfer of nickel rights on M15/633 to Astral.
Managing Director Steve Norregaard says the transaction represents a ‘genuine win-win’ for both companies.
“WIN receives an important cash injection which enables us to progress its activities and advance its near-term development plans, but also very importantly preserves the vast majority of its nickel resource base,” Norregaard says.
“Now having 100% of mineral rights over the relevant tenure greatly simplifies the development path for these nickel resources, and brings in the possibility of exploring for gold on a third project area in a region with multimillion-ounce resources both to the immediate north and south.”
The divestment of M15/97, which incorporates the Zabel nickel resource of 325,000 tonnes @ 2% nickel (Ni) for 6,360 nickel tonnes, reduces WIN’s total mineral resource estimate inventory to 12.33 million tonnes (Mt) @ 1.42% Ni for 174,540 tonnes of contained Ni.
The company’s nickel resources span 10 deposits, with indicated resources of 5.41Mt @ 1.45% Ni and inferred resources of 6.92Mt @ 1.38% Ni. The largest deposits include Gillett with 40,770 tonnes contained Ni, Widgie Townsite with 38,260 tonnes, and McEwen Hangingwall with 26,110 tonnes.
WIN maintains its diversified portfolio including the Radio Gold Project with 49,600 ounces at 4.22 grams per tonne gold (Au), Butchers Creek Gold Project with 359,000 ounces at 1.98g/t Au, and the Faraday-Trainline Lithium Project with 1.96Mt @ 0.69% lithium oxide.
WIN Metals is an Australian mineral explorer with a portfolio of nickel, gold, and lithium assets across the Southern Goldfields and Kimberley regions of WA.
Write to Paula Fabe at Mining.com.au
Main image: WIN Metals
