Mantle Minerals Limited (ASX: MTL), a company focused on exploration and development opportunities, is pleased to announce a binding agreement to sell 100% of its Mt Roe Mining Pty Ltd subsidiary to Northern Star Resources Ltd (ASX: NST) for $13.5 million in cash. Mantle Minerals focuses on the exploration and development of resource projects. Mantle’s projects include base metal and precious metal exploration.
The sale encompasses five tenements from Mantle’s Western Australian portfolio, strategically located near the Hemi gold deposit. According to the announcement, this transaction marks a significant milestone for Mantle, unlocking substantial value relative to the company’s current market capitalisation while allowing it to retain ownership of its other key projects. The tenements being sold are detailed in Annexure A of the announcement.
Mantle Minerals will retain its Yule River Project, situated north of the Hemi deposit, where exploration will commence with a high-level geophysical review. The company will also retain the Pardoo Project, located north-east of Port Hedland, which hosts a published JORC-Compliant Mineral Resource. The proceeds from the transaction will be strategically allocated to accelerate exploration activities at both the Yule River and Pardoo projects and to evaluate new gold and base metal opportunities.
The completion of the transaction is subject to customary conditions, including due diligence by Northern Star and the receipt of necessary regulatory and third-party approvals within 45 days. Mantle anticipates completion by no later than 12 September 2025, and the company will keep shareholders informed of progress. In addition to the sale, Mantle has received firm commitments to raise $250,000 through a placement to support ongoing operations.
