GEG Boosts Golden Ant Ownership to 63% with $1.3M Earn-In Payment
Great Northern Minerals has secured $1.3 million from Great Eastern Gold, marking the completion of the third earn-in stage and boosting GEG's stake in Golden Ant to 63%. The path to a 90% ownership remains open with a further $1 million payment tied to gold production milestones.
- Third earn-in stage completed with $1.3 million payment from Great Eastern Gold
- GEG's ownership in Golden Ant Mining rises to 63%, GNM retains 37%
- GEG holds option to increase stake to 90% by paying $1 million within 24 months of gold production
- Golden Ant Mining project comprises eight mining licences in Queensland
- Great Eastern Gold aims to advance Queensland assets toward production within two years
Completion of Third Earn-In Stage
Great Northern Minerals Limited (ASX: GNM) has announced the successful completion of the third earn-in stage under its binding share sale agreement with Great Eastern Gold Ltd (GEG). The company received $1.3 million from GEG, satisfying the third earn-in condition and increasing GEG's equity interest in Golden Ant Mining Pty Ltd to 63%. This transaction leaves Great Northern Minerals with a 37% stake in the Golden Ant project.
Structure of the Earn-In Agreement
The earn-in agreement, originally executed in November 2023 and subsequently amended, outlines a phased acquisition of Golden Ant shares by GEG. Following the third stage payment, GEG has the exclusive right, but not the obligation, to acquire up to a 90% interest in Golden Ant by making a further $1 million payment within 24 months of producing the first 1,000 ounces of gold from the tenements. This staged approach aligns financial commitments with operational milestones, reducing risk for both parties.
Golden Ant Mining Project Overview
The Golden Ant Mining project consists of eight mining licences located in Queensland, including the historically productive Golden Cup and Camel Creek deposits. These areas have a legacy of gold production, with approximately 95,000 ounces extracted historically. Great Eastern Gold’s experienced mining team plans to aggressively advance these assets toward production within the next two years, a timeline that could unlock significant value for both GEG and GNM.
Strategic Implications for Great Northern Minerals
For Great Northern Minerals, this earn-in completion represents a critical step in monetising its Golden Ant assets while retaining a meaningful minority interest. The capital inflow from GEG strengthens GNM’s balance sheet and allows it to focus on other strategic projects, including its lithium ventures in Finland. Meanwhile, GEG’s increasing stake signals confidence in the project’s potential and operational viability.
Looking Ahead
The next key milestone will be the commencement of gold production, which triggers the timeline for GEG’s final earn-in payment. Market participants will be watching closely to see if GEG can meet its production targets within the stipulated timeframe, as this will determine whether it exercises its option to reach 90% ownership. The evolving partnership between GNM and GEG could reshape the development trajectory of the Golden Ant project and influence regional gold supply dynamics.
Bottom Line?
With GEG’s stake now at 63%, the race is on to hit production milestones that could reshape ownership and unlock value at Golden Ant.
Questions in the middle?
- When exactly will the first 1,000 ounces of gold be produced to trigger the final earn-in payment?
- How will GEG’s operational plans impact the timeline and scale of production at Golden Ant?
- What are the financial and strategic implications for GNM if GEG exercises its option to acquire 90%?
