White Cliff Minerals Limited (ASX: WCN) has announced the sale of its Great Bear Copper-Gold-Silver-Uranium Project to Hydrocarbon Dynamics Ltd (ASX: HCD) for A$5.8 million. White Cliff Minerals is an Australian exploration company focused on the discovery and development of mineral deposits. The sale will see WCN receive A$1.2 million in cash and 230,000,000 fully paid ordinary shares in HCD, valued at A$4.6 million. Hydrocarbon Dynamics Ltd will be renamed Great Bear Exploration Ltd upon completion of the transaction.
The transaction is subject to several conditions, including HCD shareholder approval, ASX conditional approval for HCD’s re-admission to the official list, and WCN obtaining necessary shareholder approvals. Subject to shareholder approval, White Cliff intends to distribute 165,125,204 of the consideration shares to WCN shareholders in specie, retaining 9.9% voting power in HCD post-distribution. HCD plans to raise a minimum of $5.5 million through a public offering and consolidate its issued capital on a 1:10 basis.
White Cliff Minerals also announced board changes, effective March 1, 2026. Mr. Gavin Rezos has been appointed as Non-Executive Chairperson, and Ms. Sara Kelly has been appointed as a Non-Executive Director. Mr. Roderick McIllree will retire from the board on February 28, 2026, to take on the role of Executive Director at Great Bear Exploration Ltd. Ms. Kelly will also be issued 9,000,000 performance rights subject to shareholder approval with 3,000,000 rights vesting after 12, 24, and 36 months respectively.
According to Managing Director Troy Whittaker, the sale sharpens the company’s focus on the Rae Project and strengthens the balance sheet to fund exploration and development. He said, the in-specie distribution allows shareholders to retain exposure to the divested asset. The addition of Gavin and Sara to the team aligns leadership with the company’s next growth phase and brings expertise to execute the drilling program and position the company for long-term value creation.
