Union Star Metals Limited (ASX:USM) has disclosed that an option agreement with Lionex Metals Group Pty Ltd for the proposed sale of its Kalgoorlie Gold Project in Western Australia has expired, after Lionex confirmed in writing that it does not intend to exercise the option or take up a available three-month extension.
Key Points
- The option agreement between Union Star Metals and Lionex Metals Group Pty Ltd for the Kalgoorlie Gold Project has expired.
- Lionex confirmed in writing it will not exercise its option to acquire the project, nor take up the available three-month extension.
- Union Star Metals retains full ownership of the Kalgoorlie Gold Project and is actively seeking alternative buyers.
- The company is seeking expressions of interest across four projects: Kalgoorlie Gold Project (WA), Tanami Gold Project (WA), Colorado Gulch Project (Idaho, USA), and Silver Star Project (Idaho, USA).
Expiry of Kalgoorlie Gold Project Option Agreement
According to the filing, the option agreement with Lionex Metals Group Pty Ltd for the proposed sale of the Kalgoorlie Gold Project in Western Australia has expired. Lionex provided written confirmation that it does not intend to exercise its option to acquire the project. The company also confirmed that Lionex will not take up the available three-month extension that had been associated with the agreement. As a result of the expiry, Union Star Metals retains full ownership of the Kalgoorlie Gold Project, which comprises gold exploration tenements located in the Kalgoorlie region of Western Australia.
Expressions of Interest Sought Across Four Projects
Union Star Metals disclosed it is now seeking expressions of interest for the sale or acquisition of four exploration assets within its portfolio. These comprise the Kalgoorlie Gold Project, described as gold exploration tenements in the Kalgoorlie region of Western Australia; the Tanami Gold Project, described as gold exploration tenements in the Tanami region of Western Australia; the Colorado Gulch Project, a gold exploration project located in Idaho, USA; and the Silver Star Project, an exploration project also located in Idaho, USA. The filing did not disclose specific terms, valuations, or timelines associated with the expressions of interest process.
Company Approach to Asset Realisation and Future Exploration
The filing states that Union Star Metals will continue to assess opportunities to realise value from its existing assets and secure funding for future exploration activities. The company described itself as actively seeking alternative parties interested in acquiring the Kalgoorlie Gold Project following the expiry of the Lionex option. The filing was authorised for release by the Board of Union Star Metals Ltd and is dated 09 November 2026. No financial figures, valuations, reserve estimates, or timelines for any transaction were disclosed in the filing.



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