Maritana Minerals Limited (ASX:MRT) is set to become a substantial shareholder in Dundas Minerals Limited (ASX:DUN) after Dundas 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, on 6 November 2026.

Key Points

  • Dundas served the option exercise notice to Black Mountain Gold Limited on 6 November 2026, with completion anticipated 10 business days after the notice was served
  • The $1,000,000 Completion Consideration will be paid entirely 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
  • Capricorn and Baden-Powell host combined Inferred Mineral Resources of 1.25Mt at 1.2 g/t Au for 48,500oz on a 100% basis; Dundas's 85% share comprises approximately 41,200oz
  • Upon issue of the consideration shares, Maritana is expected to hold approximately 7.4% of Dundas's shares

Baden-Powell / Windanya Project Acquisition Terms

Dundas exercised its option under the Baden-Powell / Windanya Project Sale Deed dated 29 August 2023, as varied on 11 December 2024. The option exercise notice was served on Black Mountain Gold Limited on 6 November 2026. Completion is anticipated to occur 10 business days after the exercise notice was served, at which point Dundas will settle the $1,000,000 Completion Consideration in shares. The registration of the transfer of the mining leases remains subject to Ministerial consent. The consideration shares will be issued to Black Mountain Gold Limited or its nominee.

Mineral Resources at Capricorn and Baden-Powell Deposits

Capricorn and Baden-Powell host Inferred Mineral Resources totalling 1,254,300 tonnes at 1.2 g/t Au for 48,500 ounces on a 100% basis, applying a 0.5 g/t Au cut-off grade. The Capricorn deposit on mining lease M24/1004 contains 659,300 tonnes at 1.2 g/t Au for 25,500 ounces. The Baden-Powell deposit on mining lease M24/959 contains 595,000 tonnes at 1.2 g/t Au for 23,000 ounces. Neither deposit has been commercially mined, apart from minor historical slot-cut workings at Baden-Powell. Dundas's 85% share on completion comprises approximately 41,200 ounces.

Consolidated Kalgoorlie Gold Project Structure

On completion, the Kalgoorlie Gold Project will comprise the Rockland, Aquarius, Capricorn and Gemini deposits on an interpreted north–south corridor, together with the Baden-Powell deposit to the north, beside the Goldfields Highway, located 40–50 kilometres north of Kalgoorlie. Maritana is building its own 2.5 million tonne per annum Black Swan processing hub approximately 40 kilometres away and holds a priority right to treat the ore from the project. The drill rig is due back at Rockland shortly, and assays from Baden-Powell and remaining Capricorn holes are expected through the December quarter.