Hastings Technology Metals Ltd (HAS) has entered a binding agreement to acquire Great Western Gold Pty Ltd (GWG), gaining access to the Whiteheads Gold Project located 80km northeast of Kalgoorlie, Western Australia. This acquisition marks a strategic diversification for Hastings, traditionally focused on rare earths, venturing into the gold sector. The tenement package spans approximately 380 sqkm, comprising 14 licences, including exploration and prospecting licences, and a mining lease.
The acquisition consideration includes an upfront payment of $370,000 cash and 3 million HAS shares. Deferred consideration of up to $800,000 in HAS shares will be payable upon achieving specific JORC Resource milestones, tied to gold equivalent resource estimates exceeding 125,000 ounces, 250,000 ounces, and 1,000,000 ounces. Hastings aims to define a Maiden JORC Resource by Q4 CY2025, leveraging existing data and drill-ready targets like Blue Poles, Seven Leaders, and Lady Betty.
According to Hastings Executive Chairman, Charles Lew, the Whiteheads Project provides a low-cost entry to a well-understood gold exploration opportunity with substantial upside potential. The location near Kalgoorlie, the Gold Capital of Western Australia, offers proximity to existing infrastructure, mines, and processing facilities, potentially facilitating toll treatment options. Prior to 2019, the Whiteheads area was underexplored due to fragmented ownership, presenting opportunities for new gold, nickel, and base metal discoveries.
Hastings intends to execute a systematic exploration program post-acquisition, including data review, target generation, drilling campaigns, and geochemical surveys. The company will also assess mining potential utilizing third-party processing options, aiming to progress towards a Maiden JORC Resource by Q4 CY2025. Great Boulder Resources Ltd (GBR), a previous stakeholder in the Whiteheads Gold Project, supports the transaction, expressing confidence in Hastings’ management team to unlock value from the project.
The deal remains subject to standard conditions precedent, including due diligence and shareholder approval.
