Dundas Minerals (ASX:DUN) has exercised its option to acquire an 85% interest in the Baden-Powell / Windanya Project from Black Mountain Gold Limited, a wholly owned subsidiary of Maritana Minerals Limited (ASX:MRT), consolidating its Kalgoorlie Gold Project located 40–50km north of Kalgoorlie, Western Australia.

Key Points

  • Dundas exercised its option on 6 November 2026 to acquire an 85% interest in the Baden-Powell / Windanya Project from Black Mountain Gold Limited
  • Capricorn and Baden-Powell host combined Inferred Mineral Resources of 1.25Mt @ 1.2 g/t Au for 48,500oz on a 100% basis; Dundas's 85% share comprises approximately 41,200oz
  • The $1,000,000 Completion Consideration will be paid in Dundas shares, as approved by shareholders on 29 October 2026
  • Maritana retains a 15% interest in the project, free-carried to a decision to mine, and holds a priority right to treat the ore
  • Maritana is expected to become a substantial shareholder in Dundas, holding approximately 7.4% of the company's shares upon issue of consideration shares

Transaction Terms and Completion Timeline

The option was originally granted under a Sale Deed dated 29 August 2023, as varied on 11 December 2024. Dundas served the option exercise notice to Black Mountain Gold Limited on 6 November 2026. Completion is anticipated to occur 10 business days after the exercise notice was served, upon which Dundas will settle the Completion Consideration in shares. The registration of the transfer of the mining leases remains subject to Ministerial consent. Consideration shares will be issued to Black Mountain Gold Limited or its nominee.

Mineral Resources at Capricorn and Baden-Powell Deposits

According to the filing, the Capricorn deposit on mining lease M24/1004 hosts an Inferred Mineral Resource of 659,300 tonnes at 1.2 g/t Au for 25,500oz, at a cut-off of 0.5 g/t Au. The Baden-Powell deposit on mining lease M24/959 hosts an Inferred Mineral Resource of 595,000 tonnes at 1.2 g/t Au for 23,000oz, at the same cut-off grade. Neither deposit has been commercially mined, apart from minor historical slot-cut workings at Baden-Powell. Both deposits are described as shallow and located on granted mining leases.

Consolidated Kalgoorlie Gold Project Configuration

On completion, the Kalgoorlie Gold Project will comprise the Rockland, Aquarius, Capricorn and Gemini prospects on an interpreted north–south structural corridor, together with the Baden-Powell deposit to the north beside the Goldfields Highway. The corridor extends approximately 3km from Gemini south to Rockland, though the filing states continuity between the prospects has not been established by drilling. Much of the corridor has only been drilled to shallow depths, with an untested gap of more than 500m between Capricorn and Rockland. The drill rig is due back at Rockland shortly, with assays from Baden-Powell and remaining Capricorn holes expected through the December quarter.