Key Highlights

  • Eminence Minerals Limited (ASX:EMA) shares were down 9.09% at $0.05 during the 22 October 2026 trading session, while the S&P/ASX 200 was down 0.44%.
  • In its announcement dated 19 October 2026, the company said it entered three exclusive option agreements for up to 85% of five gold projects covering about 1,508 km2 in Cote d'Ivoire.
  • Aggregate consideration for the 85% earn-in is about US$490,000, excluding performance-linked consideration, and each deal needs Due Diligence and Shareholder approval.

Eminence Minerals Limited (ASX:EMA) shares were down 9.09% at $0.05 during the Trading session on 22 October 2026, while the S&P/ASX 200 stood at 8,792.20, down 0.44%, and the All Ordinaries stood at 8,916.20, down 0.45%. Eminence is a Perth-based mineral exploration company. In an announcement dated 19 October 2026, it said it had entered into three exclusive option agreements providing a staged pathway to acquire up to 85% of five gold exploration projects in Côte d'Ivoire, covering about 1,508 square kilometres.

About the Company

Eminence Minerals Limited is listed on the Australian Securities Exchange under the code EMA. Its office is at Level 50, 108 St Georges Terrace, Perth, Western Australia. Anthony Hills is Chief Executive Officer.

The company said no changes to its board or senior management are proposed in connection with the transactions.

Business Overview

Eminence is an exploration company, and its announcement describes a proposed portfolio of five gold projects. Tarato covers 154 square kilometres of granted permits in the Korhogo area of northern Côte d'Ivoire. Kounouman covers about 160 square kilometres of permit applications, roughly 7 kilometres from the BST1 deposit of Aurum Resources.

Banandje covers about 451 square kilometres, comprising a granted permit and an application, about 10 kilometres northwest of Montage Gold's Koné project. Sarhala is a granted permit of about 319 square kilometres. Tonkpi covers about 424 square kilometres of permit applications in western Côte d'Ivoire, about 18 kilometres from Endeavour Mining's Ity mine. Eminence does not currently report Exploration Results, Mineral Resources or Ore Reserves for Tonkpi.

Option Agreement Terms

In its announcement dated 19 October 2026, Eminence said the three transactions are structured as exclusive option agreements for staged earn-ins, allowing it to raise its ownership progressively to 85%. The counterparties are Riverside Mining SARL, Stargate Atlantis Minerals SARL and Thoth Mining Inc.

The aggregate consideration for the 85% earn-in, including exclusivity payments and excluding performance-linked consideration, is about US$490,000, made up of US$255,000 in cash and US$235,000 in Eminence shares. Performance consideration is payable in shares across three tranches, linked to a drill intercept of at least 20 metres at 2.5 g/t gold, a drill intercept of at least 30 metres at 3 g/t gold, and a JORC maiden resource of at least 500,000 ounces at 1 g/t gold. On a Decision to Mine, each vendor may convert its 15% interest into a 1.5% net smelter return royalty.

Artisanal Workings and Exploration Plans

The company said its field geologist recorded artisanal shafts, trenches and pits in October 2026 on granted permit PR1016 at Tarato and within the PR1014 application at Kounouman. The workings have not been sampled and no gold has been assayed.

Subject to completion of the acquisitions, Eminence intends to prioritise the roughly 871 square kilometres of granted tenure at Tarato, Banandje and Sarhala. Initial activities are expected to include compiling historical geological, geochemical and geophysical datasets, field reconnaissance and systematic geochemical sampling to rank targets.

Related Sector Context

Gold exploration in Côte d'Ivoire sits alongside operations and projects held by companies including Endeavour Mining, Perseus Mining, Montage Gold, Fortuna Mining and Atlantic Group. The announcement cites recent transactions, including Barrick's sale of Tongon to Atlantic Group for up to US$305 million.

On 22 October 2026, the S&P/ASX 200 was down 0.44% and the All Ordinaries was down 0.45% during the trading session. Eminence's decline of 9.09% was larger than both benchmark moves.

Risks to Weigh In

Each transaction is subject to Eminence completing satisfactory due diligence and obtaining shareholder approval under ASX Listing Rule 7.1 and other required approvals. Three of the five projects consist wholly or partly of permit applications, which remain subject to government approval and do not constitute granted tenure.

The company's cautionary statement notes that nearby mines, resources and production are not evidence of mineralisation within the projects it proposes to acquire. The artisanal workings have not been shown by sampling or assaying to contain gold. Geological interpretations require field verification.

Catalysts on Watch

The company noted that its immediate technical priority is to consolidate and validate historical geophysical, geochemical and structural information, followed by systematic field evaluation of the granted permits. Mapping and sampling will start at the artisanal workings at Tarato and Kounouman.

Items to watch include completion of due diligence, a shareholder vote on the share issues and performance consideration, grant of the permit applications, and any results from sampling. Eminence said it will provide further updates as exploration progresses and meaningful results become available.

Putting It Together

Eminence Minerals shares were trading lower on 22 October 2026 in a market that was also lower. The company's announcement dated 19 October 2026 set out three staged option agreements covering five Côte d'Ivoire gold projects, with consideration of about US$490,000 before performance-linked payments and several conditions still to be met.