Breakthrough Minerals (ASX: BTM), an Australian mineral exploration firm, focuses on identifying and developing mineral resources. The company has now announced a binding agreement for the divestment of its Errolls Gold Project in Western Australia. This transaction, announced on 13 November 2026, involves the sale of 100% of its subsidiary Errolls Exploration Pty Ltd to Xenora Minerals Limited (ASX: XRA) for $1.2 million in XRA shares, comprising 6 million shares at a deemed issue price of $0.20 per share.
Subject to completion and necessary approvals, Breakthrough Minerals intends to distribute these consideration shares to eligible BTM shareholders via an in-specie distribution. This move aims to allow BTM shareholders to maintain exposure to the future exploration success of the Errolls project. The Errolls Gold Project will become part of a larger consolidated landholding of approximately 115km² within the Barrambie Greenstone Belt, combining with XRA’s proposed acquisition of the adjoining Limestone Well Project. Xenora Minerals plans to fund an extensive exploration program targeting extensions of high-grade Errolls gold mineralisation through a proposed $5 million capital raising. Historical exploration at Errolls has yielded significant shallow RC drill intercepts, including 22m @ 7.46g/t gold from surface.
The divestment represents a strategic shift for Breakthrough Minerals, allowing it to unlock immediate value from a non-core asset. This enables the company to concentrate operational resources and capital on its flagship North Queensland Copper-Gold Project. This Queensland asset hosts a Global Mineral Resource Estimate of 18.8 million tonnes at 1.07% Copper Equivalent, totalling 200 kilotonnes of Copper Equivalent metal. BTM Managing Director & CEO, Nigel Broomham, highlighted that while Errolls is a quality gold asset, the company’s clear strategic priority remains advancing its North Queensland copper-gold portfolio.
This transaction is subject to several conditions, including XRA’s due diligence, satisfaction of conditions related to XRA’s Limestone Well acquisition, and receipt of all necessary regulatory and shareholder approvals from both parties. The consideration shares issued will also be subject to a 12-month voluntary escrow period from their issue date, applicable whether retained by BTM or distributed to its shareholders.
