Highlights

  • Avenira signed a binding earn-in term sheet for its Jundee South gold project on 4 November 2026.
  • The partner may fund up to AUD 10 million across three exploration stages over 48 months.
  • Completion of all stages would give the partner 35% of the project, leaving Avenira with 65%.
  • The agreement includes the Withdrawal of existing tenement-related legal challenges.
  • Avenira intends to preserve resources for its Wonarah phosphate project while exploration proceeds at Jundee South.

Avenira Limited (ASX:AEV) is a resources company focused on the Wonarah phosphate project in the Northern Territory and the Jundee South gold project in Western Australia. On 4 November 2026, Avenira Limited (ASX:AEV) announced a binding earn-in term sheet with Manda Resources Limited, under which its partner could spend up to AUD 10 million on exploration at Jundee South. The arrangement offers a staged pathway to investigate the gold ground while allowing Avenira to concentrate its own resources on Wonarah.

How the AUD 10 Million Earn-In Would Work

The agreement is between Manda Resources and Avenira Gold Pty Ltd, a Wholly Owned Subsidiary of Avenira Limited (ASX:AEV). Manda is responsible for funding exploration during the earn-in. Its first stage requires a firm AUD 4 million commitment within 24 months in exchange for a 14% project interest. A further AUD 3 million spent within the following 12 months would provide an additional 10%, while a final AUD 3 million within another 12 months would add 11%.

If all three stages are completed within the proposed 48-month period, Manda would hold 35% and Avenira would retain 65%. Importantly, only the first AUD 4 million is firmly committed. The term sheet also includes forfeiture provisions if Manda does not proceed through the agreed stages.

During the earn-in, Manda would manage exploration through a joint venture management committee that it initially chairs. After completion, Avenira Gold would appoint the manager and chair the committee, with majority voting control reflecting its 65% holding.

Tenement Disputes Resolved Alongside Exploration Plans

Avenira Limited (ASX:AEV) said the transaction also resolves disputes over its Jundee South tenements. Manda has withdrawn existing Warden’s Court proceedings, objections and forfeiture applications, and has undertaken not to initiate further challenges through itself or its associates.

Jundee South comprises 52 Western Australian titles, including 42 exploration licences and 10 prospecting licences. The 4 November announcement did not include new drilling results, assay intervals or a mineral resource estimate for the project.

Although the term sheet is binding, definitive agreements remain to be executed. Either party may terminate if these are not signed within 45 days, subject to the terms described in the announcement.

Wonarah Focus and the Next Operational Milestones

Avenira Limited (ASX:AEV) identified Wonarah as its principal operational focus. By assigning the early funding obligation at Jundee South to a partner, the company aims to progress its gold portfolio without drawing on funds allocated to its phosphate priorities.

The immediate milestones are execution of definitive agreements, commencement and reporting of partner-funded exploration, and confirmation of whether Manda elects to proceed beyond its initial commitment. Avenira Limited (ASX:AEV) said it would provide updates on material developments.

Key Insights

The Jundee South arrangement gives Avenira a defined mechanism for funding gold exploration while retaining majority ownership if all earn-in stages are completed. Its AUD 4 million initial commitment is more certain than the optional later stages. Progress will depend on formal documentation, exploration execution and technical results, while the company continues to prioritise Wonarah.