Marvel Gold (ASX: MVL) has announced a significant strategic shift, marked by its acquisition of the Hanang Gold Project in Tanzania and the planned divestment of its Tabakorole and Yanfolila Gold Projects in Mali. The acquisition of Hanang, located within the Iramba-Sekenke Greenstone Belt, was executed through the purchase of Cobra Resources Limited for $200,000 in cash and $175,000 in Marvel shares. The Hanang Gold Project presents exploration upside, with initial plans including assaying existing soil and rock samples, and a drone magnetic survey, paving the way for a maiden drill program. Simultaneously, Marvel has entered a binding term sheet with Anchises Capital LLC to sell its Mali assets for $1.65 million, receiving an upfront $150,000 exclusivity fee. This divestment will allow Marvel to focus on its new Tanzanian acquisition.
To support these strategic moves, Marvel successfully raised $4.235 million through a two-tranche placement at $0.008 per share. The funds will finance the Cobra acquisition, exploration activities at Hanang, and general working capital. As of March 31, 2025, the company’s cash reserves stood at $2.363 million. Marvel also holds 50 million shares in Evolution Energy Minerals, valued at $0.95 million, which the company intends to dispose of when favorable conditions arise.
The company incurred $38,000 in evaluation and exploration expenditure during the quarter. Payments to related parties, including director salaries, amounted to $57,000. With an estimated 16 quarters of funding available, Marvel Gold is positioning itself for focused growth in the Tanzanian gold sector.
