Highlights

  • Riversgold agreed to acquire a 100% interest in exploration licence E25/594, covering approximately 12km².
  • The proposed Acquisition would expand the immediate Northern Zone project area from 0.82km² to approximately 12.82km².
  • Consideration comprises AUD 1 million cash and 111,111,111 shares, subject to completion.
  • Previously reported gold intercepts near the western boundary inform the company’s proposed exploration programme.
  • Historical drilling across E25/594 was largely shallow; new air core drilling requires planning and permits.

Riversgold Limited (ASX:RGL) explores gold projects in Western Australia, including Northern Zone within its Kalgoorlie Gold Project, approximately 25 kilometres east of Kalgoorlie. On 4 November 2026, the company announced a binding agreement to acquire exploration licence E25/594, which surrounds Northern Zone on three sides. Ownership of the new licence remains subject to completion conditions.

Tenement Acquisition and Transaction Terms

The proposed acquisition covers approximately 12km² of exploration ground adjoining the existing Northern Zone Mining lease, M25/389. That Lease measures approximately 0.82km² and is held 80% by Riversgold and 20% by Oracle Gold. If completed, the transaction would increase the immediate project footprint to approximately 12.82km², around 15 times its existing size. Riversgold (ASX:RGL) would acquire the additional licence through its wholly owned Australian subsidiary.

The agreed consideration is AUD 1 million in cash and 111,111,111 Riversgold shares at a deemed issue price of AUD 0.009 each. The cash payment is not conditional on securing financing, although the company expects to fund it through a future Capital raising whose terms and timing remain undetermined.

Completion is expected within three months of the agreement, with a possible one-month extension, and requires consent relating to the existing royalty.

What Previous Drilling Indicates at Northern Zone

Riversgold (ASX:RGL) considers the western boundary an immediate exploration priority. Previously disclosed intersections near that boundary include 16 metres at 4.69 grams per tonne gold from 30 metres in NZAC033, 15 metres at 2.10 grams per tonne from 36 metres in NZRC007, and 7 metres at 3.90 grams per tonne from 35 metres in NZAC055. These are historical results, not new drilling.

The company’s three-dimensional geological interpretation depicts mineralised zones extending towards the western lease boundary and remaining open beyond it and at depth. That interpretation does not establish continuity or economic mineralisation within the acquisition ground. Riversgold (ASX:RGL) reported no new drilling results or Mineral Resource estimate in this transaction announcement.

Historical Data and Untested Geological Targets

Across E25/594, historical exploration totals 299 holes and 14,911 metres. Of these, 254 holes covering 11,387 metres were rotary air blast drilling. Riversgold considers much of this work ineffective because the holes generally failed to penetrate transported cover.

Regional magnetic interpretation has identified oval features that Riversgold (ASX:RGL) regards as possible intrusive bodies near the Hampton Hill Fault Zone and Cannon Shear. These remain conceptual, untested targets. Economic mineralisation on E25/594 remains unestablished.

Development Planning and Next Steps

Riversgold submitted its Northern Zone Mine Development and Closure Proposal on 30 September 2026. It intends to compile and validate historical geological information, seek permits for initial air core drilling west of Northern Zone, and rank other interpreted targets for geochemical assessment and possible drilling. These activities remain planned rather than completed.

Key Insights

For Riversgold (ASX:RGL), the proposed acquisition principally changes the geographic scope available for future exploration and planning. The transaction has defined cash, Equity and Royalty obligations, while its completion and proposed drilling depend on further steps. Existing gold intersections provide a basis for testing the western extension, but they do not demonstrate a resource on the additional licence.