QMines (ASX:QML) will acquire the Mount Mackenzie Gold Project in Queensland from Resources & Energy Group (ASX:REZ) for $2.485 million. The agreement involves $1 million in cash and 33 million QMines shares priced at $0.045 each, totaling $1.485 million. Post-completion, Resources & Energy will become a significant QMines shareholder, gaining exposure to Mount Mackenzie’s development. The deal, subject to due diligence and shareholder approval, is expected to finalize within ten business days of fulfilling all conditions.
REZ’s Managing Director, J Daniel Moore, stated the sale aligns with their strategy to focus on the East Menzies Gold Project in Western Australia. He highlighted the transaction as a value-accretive exit from their Queensland assets, strengthening their balance sheet. QMines’ Managing Director, Andrew Sparke, noted that the Mount Mackenzie Project fits their plan to build a gold and copper asset pipeline in Queensland. The East Menzies Gold Project, REZ’s primary focus, covers 103km2 near Kalgoorlie and includes 50 tenements.
