Hastings Commits $370K Plus Shares to Acquire Whiteheads Gold Project
Hastings Technology Metals has struck a deal to acquire the Whiteheads Gold Project, adding a substantial gold asset near Kalgoorlie to its portfolio and targeting a maiden resource by year-end.
- Acquisition of 100% shares in Great Western Gold Pty Ltd
- Option to acquire 75% interest in Whiteheads Gold Project joint venture
- Upfront payment of $370,000 cash plus 3 million HAS shares
- Deferred shares up to $800,000 tied to JORC Resource milestones
- Maiden JORC Resource targeted for Q4 2025 with multiple drill-ready targets
Strategic Acquisition to Broaden Hastings’ Portfolio
Hastings Technology Metals Ltd has taken a decisive step to diversify its mineral assets by entering into a conditional binding term sheet to acquire Great Western Gold Pty Ltd (GWG). This acquisition grants Hastings the option to purchase Great Boulder Resources Limited’s 75% stake in the Whiteheads Gold Project, located roughly 80 kilometres northeast of Kalgoorlie, Western Australia’s renowned gold hub.
The deal also includes additional tenements outside the joint venture, which GWG will acquire concurrently, effectively giving Hastings control over a significant 380 square kilometre tenement package. This move aligns with Hastings’ broader ambition to evolve into a multi-commodity company, complementing its flagship Yangibana Rare Earths and Niobium Project.
Attractive Terms and Deferred Consideration
The upfront consideration for the acquisition is modest, $370,000 in cash plus the issuance of 3 million Hastings shares. Importantly, there is an additional deferred equity component of up to $800,000 in shares, contingent on achieving specific JORC-compliant Mineral Resource milestones. These milestones range from 125,000 ounces to 1 million ounces of gold equivalent, with defined cut-off grades, incentivising Hastings to rapidly advance exploration and resource definition.
Such a structure balances initial capital outlay with performance-based rewards, mitigating upfront risk while aligning vendor interests with the project’s success. Hastings’ Executive Chairman Charles Lew emphasised the low-cost entry into a well-understood gold project with significant upside, highlighting the proximity to existing infrastructure and operating mines as a key advantage.
Exploration Plans and Resource Potential
Hastings plans to launch a systematic exploration program immediately upon completion, leveraging an extensive historical database that includes over 10,000 metres of drilling and comprehensive geochemical surveys. The company has identified several high-priority, drill-ready targets such as Blue Poles, Seven Leaders, and Lady Betty, which could underpin a maiden JORC Mineral Resource estimate expected by the fourth quarter of 2025.
With the Whiteheads Project’s proximity to Kalgoorlie and nearby processing facilities, including Northern Star Resources’ Kanowna Belle mine, Hastings is well-positioned to explore near-term production pathways. The project’s infrastructure access and potential toll treatment options add to its attractiveness as a development candidate.
Market and Strategic Implications
This acquisition signals Hastings’ intent to broaden its commodity exposure beyond rare earths and niobium into gold, a move that could enhance its market profile and investor appeal. Great Boulder Resources’ Managing Director Andrew Paterson expressed confidence in Hastings’ capability to unlock value at Whiteheads, noting the project had been underexplored due to prior management focus elsewhere.
As Hastings integrates Whiteheads into its portfolio, the market will watch closely how exploration results translate into resource upgrades and how the company balances its multi-commodity ambitions with capital discipline.
Bottom Line?
Hastings’ Whiteheads acquisition sets the stage for a pivotal resource update that could reshape its growth trajectory.
Questions in the middle?
- Will Hastings meet the ambitious JORC Resource milestones to trigger deferred share payments?
- How will the company balance exploration spending across its rare earths and new gold assets?
- What are the potential timelines and capital requirements for advancing Whiteheads toward production?
