Moonlight Resources, partly owned by Lithium Plus Minerals, plans to acquire the Clermont Gold Project and pursue an ASX listing, aiming to become a focused gold and critical minerals explorer.
- Moonlight to acquire Clermont Gold Project from Diatreme Resources
- Acquisition valued at A$3.5 million, combining shares and cash
- Moonlight targets ASX listing via an initial public offering
- Diatreme to become a significant shareholder with board representation
- Moonlight’s portfolio spans gold, rare earths, uranium, and lithium projects
A Strategic Acquisition in Queensland
Moonlight Resources Limited, a company 44.7% owned by Lithium Plus Minerals Ltd, has announced a significant step in its growth strategy by agreeing to acquire the Clermont Gold Project in Queensland from Diatreme Resources Ltd. This acquisition is positioned as a cornerstone for Moonlight’s ambition to become a focused explorer of gold and critical minerals, leveraging the rich mineral potential of the Clermont region.
The deal involves Moonlight issuing A$3.25 million worth of shares plus A$250,000 in cash to Diatreme, contingent on Moonlight successfully listing on the ASX through an initial public offering (IPO). Post-listing, Diatreme is expected to hold between 17.1% and 19.9% of Moonlight’s shares and will gain the right to appoint a director to Moonlight’s board, cementing a strategic partnership between the two entities.
Building a Diverse Exploration Portfolio
Beyond Clermont, Moonlight’s portfolio is expansive and diverse, covering over 5,200 square kilometres across several Australian states and territories. It includes rare earth and uranium projects in the MacDonnell Ranges of the Northern Territory, as well as exploration tenements in New South Wales and Western Australia. This breadth of assets positions Moonlight to capitalize on multiple critical mineral markets, from gold to uranium and rare earth elements, all vital to the modern economy.
For Lithium Plus shareholders, this acquisition and the planned IPO offer a unique opportunity to gain direct exposure to gold exploration upside through a separately listed vehicle, while Lithium Plus continues to focus on advancing its lithium projects, notably the Lei Development Project. This dual approach allows both entities to specialize and optimize their respective resource development strategies.
Conditions and Next Steps
The transaction is subject to a series of conditions, including satisfactory due diligence, regulatory approvals for tenement transfers, and successful completion of the IPO with a minimum $5 million raise. Moonlight has already submitted an application for in-principal advice to the ASX regarding its suitability for listing, signaling progress towards its public market debut.
Executive Chairman Dr Bin Guo highlighted the value-accretive nature of the acquisition, emphasizing the clear path to near-term mineral resource delineation at Clermont and the strategic partnership with Diatreme. The company’s focus remains on exploration and discovery, aiming to unlock value across its portfolio of critical minerals.
Market Implications
This move reflects a broader trend in the Australian mining sector, where companies are increasingly diversifying their portfolios to include both traditional precious metals and critical minerals essential for emerging technologies. Moonlight’s planned ASX listing and asset consolidation could attract investor interest seeking exposure to this dynamic segment.
Bottom Line?
Moonlight’s acquisition and IPO plan mark a pivotal moment, setting the stage for a new player in Australia’s gold and critical minerals exploration arena.
Questions in the middle?
- Will Moonlight successfully meet all conditions to complete the IPO and acquisition?
- How quickly can Moonlight delineate a mineral resource at Clermont to validate its potential?
- What role will Diatreme play in Moonlight’s strategic direction post-listing?