Strategic Update & Execution of Option Agreements
Summary by AI BETAClose X
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.
25 August 2026
ALT Resources PLC
("ALT Resources", "ALTR" or the "Company")
Strategic Update and Execution of Option Agreements over North Queensland Gold Mine
Gold stream over up to 50% of production and 50% equity interest; conclusion of Tartana Resources joint venture discussions
ALT Resources PLC (ALTR.L), a company formed to capture value accretive opportunities in the natural resources industry, is pleased to announce that it has executed two binding option agreements (the "Option Agreements") in respect of the Freedom gold mine in North Queensland, Australia (the "Project"), which is owned by Freedom Metals Pty Ltd ("Freedom").
Under the Option Agreements, ALT Resources has secured the right to acquire (i) a gold stream over up to 50% of gold production from the Project and (ii) a 50% equity interest in Freedom. The Company intends to exercise the streaming option conditional upon, and immediately following admission of its ordinary shares to trading on the AIM market of the London Stock Exchange ("Admission"). Admission is targeted to complete in or around October 2026, although there can be no assurance that Admission will occur within this timeframe. The Company intends to exercise the option to acquire a 50% interest in Freedom following Admission.
Separately, the Company announces that discussions regarding a proposed joint venture with Tartana Resources Limited (ASX: TAT) ("Tartana") in relation to Tartana's copper sulphate operations have been concluded without agreement.
Highlights
· Binding Option Agreements executed over a North Queensland gold asset, providing ALT Resources with a clear path to near-term cash flow
· Gold stream over up to 50% of the Project's gold production, delivering direct exposure to gold revenues from first production
· 50% equity interest in Freedom, aligning ALT Resources with the operator and providing full participation in future growth in asset value
· First gold production targeted in or around Q1 2027
· Material exploration upside across high-grade underground tenements, comprising 23.2 Ha of granted Mining Lease with minimal modern systematic exploration to date below 40m
· Confirmatory due diligence underway; option exercise conditional on satisfactory completion and on Admission, targeted in or around October 2026
· Conclusion of Tartana discussions allows the Company to redeploy management time and capital toward higher-conviction opportunities within its investment pipeline
Tartana - Conclusion of Joint Venture Discussions
The Company has previously reported that it was in discussions with Tartana regarding a potential joint venture over Tartana's copper sulphate operations in North Queensland.
Following the changes to Tartana's board and senior management announced by Tartana on 17 August 2026, the executives who led the joint venture discussions on Tartana's behalf are no longer engaged by that company. Tartana has subsequently indicated a change in strategic direction, including a reduced emphasis on its copper sulphate operations.
In light of that change in strategic direction, and the resulting uncertainty as to the counterparty's commitment to and timetable for the proposed transaction, the Board of ALT Resources has determined that it is in shareholders' best interests to conclude the discussions and to redirect the Company's resources toward other value-accretive opportunities within its investment pipeline. No binding agreement was entered into between ALT Resources and Tartana, and no material costs have been incurred by the Company in respect of the discussions.
The Board wishes to record its thanks to the Tartana team for their engagement to date.
AIM Admission
The Company continues to progress its application for Admission to AIM and, subject to market conditions and satisfaction of the conditions to Admission, is targeting completion in or around October 2026. The streaming option is expected to be exercised immediately following Admission, positioning the Company to hold its stream and equity interests ahead of first production. A further announcement will be made in due course. The option to acquire 50% of Freedom is expected to take place following Admission.
Paris Christofides, Co CEO of ALT Resources commented:
"The Option Agreements mark a decisive step forward for ALT Resources. While we were engaged in good faith with Tartana over an extended period, the recent changes at board and management level there, and the resulting shift in that company's strategic priorities, meant the proposed joint venture no longer offered our shareholders a credible route to value.
"We have moved quickly to secure an opportunity from our pipeline that we believe offers significantly greater potential: a gold asset in a proven North Queensland district, with production targeted for the first quarter of 2027, a stream that gives us direct exposure to that production, and a 50% equity interest providing meaningful exposure to the upside from what we believe to be a significantly under-explored, high-grade underground tenement package. Our focus now is on completing due diligence and progressing the Company towards to AIM."
For further information:
|
ALT Resources PLC
Prad Mazumder Paris Christofides Joint-CEOs |
+44 (0) 207 193 2376 / stacey@altresources.co.uk |
Forward-Looking Statements
This announcement may contain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them at the time of their approval of this announcement and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
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