Capricorn Metals is set to acquire the Yalgoo project in Western Australia from Tempest Minerals, as the company looks to expand its regional footprint in the state.
Target commodities within the project include copper, gold, iron ore and precious metals with world-class mines adjacent to the site, including those owned by 29 Metals and Spartan Resources.
The deal, at a cost of $4.5 million, includes milestone payments upon further discoveries or production within the project area, with Tempest retaining iron rights for eastern tenements.
At approximately 1000 square kilometres, the project is earmarked as having potential for further discovery across a number of commodities, with Capricorn keen to leverage the project’s proven prospectivity and the company’s wider regional presence.
Tempest could expect another $1.5 million from the acquisition if key performance metrics are met – such as the announcement of a mineral resource estimate in excess of 75,000 ounces of gold and when commercial mining operations begin at the project. Both milestones will see a payment of $750,000 be made.
“The acquisition of the Yalgoo project continues the expansion of Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets very close to the company’s recently acquired Golden Range and Fields Find projects,” Capricorn executive chairman Mark Clark said.
“This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to MGGP and the region. We look forward to commencing active exploration on the project in 2026.”
The deal is expected to be completed in early 2026.
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