Bastion to Acquire Ninnis Gold Project for $125,000 Shares Plus Royalty
Bastion Minerals has agreed to acquire the Ninnis Gold Project in Western Australia’s Northern Goldfields for $125,000 in shares plus a 1.5% royalty, marking a strategic move into a prolific gold region. The early-stage project shows promising geological similarities to major nearby deposits, with exploration set to begin immediately after completion.
- Acquisition of 100% of Muskwood Pty Ltd, owner of Ninnis Gold Project
- Consideration includes $125,000 in Bastion shares and 1.5% net smelter royalty
- Project located near major gold centers like Mount Morgans and Sunrise Dam
- Independent valuation places project value at approximately A$125,000
- Immediate exploration planned following acquisition completion
Strategic Acquisition in a Premier Gold Province
Bastion Minerals (ASX – BMO) has announced a significant step in its growth strategy with the execution of a Share Sale and Purchase Agreement to acquire Muskwood Pty Ltd, the holder of the Ninnis Gold Project (E39/2110) in Western Australia’s Northern Goldfields. This acquisition aligns with Bastion’s May 2025 strategy to expand its portfolio of early-stage Australian gold projects.
The Ninnis Gold Project covers approximately 25 square kilometres of underexplored ground situated about 70 kilometres west of Laverton, a region renowned for its prolific gold deposits. The project lies just 6 kilometres north of Genesis Minerals’ Mount Morgans Gold Mining Centre and is in proximity to other significant operations such as Sunrise Dam and Granny Smith, positioning Bastion in a highly prospective geological setting.
Deal Terms and Valuation Insights
The consideration for the acquisition comprises $125,000 worth of Bastion ordinary shares issued at a price reflecting the five-day volume weighted average price prior to the agreement, alongside a 1.5% net smelter royalty on gold extracted from the tenement. The issuance of shares to Raymond Muskett, a Bastion director and one of the vendors, is subject to shareholder approval under ASX Listing Rule 10.11, as well as other conditions including capital raising and satisfactory due diligence.
An independent valuation conducted by Malcolm Castle of Agricola Mining Consultants places the market value of the Ninnis lease at approximately A$125,000. This valuation reflects the project’s early-stage status, geological merit, and strategic location near established mining infrastructure, tempered by the inherent risks of limited drilling data and the need for further exploration validation.
Geological Potential and Exploration Plans
The Ninnis project is characterized by geological features similar to those at Mount Morgans, including mafic rocks and banded iron formations. Historical exploration has been limited, with no modern systematic drilling, but recent soil sampling targeting the Wiluna Hardpan horizon has revealed anomalous gold values, suggesting concealed mineralisation beneath transported cover.
Bastion plans to commence immediate soil and rock chip sampling upon completion of the acquisition to delineate drill targets. The company’s technical team aims to leverage its expertise to fast-track exploration activities, seeking to unlock the project’s potential in a region where competent exploration has historically yielded significant gold discoveries.
Broader Implications for Bastion Minerals
Non-Executive Chairman Gavin Rutherford highlighted the strategic importance of this acquisition, noting that securing the Ninnis Gold Project marks Bastion’s expansion into Western Australian gold projects. The move is expected to enhance Bastion’s exploration pipeline and position the company to capitalize on the Northern Goldfields’ world-class gold endowment.
Completion of the acquisition is anticipated following shareholder approval expected in early 2026, alongside a capital raising of at least $250,000. Investors will be watching closely as Bastion transitions from acquisition to active exploration in this promising jurisdiction.
Bottom Line?
Bastion Minerals’ acquisition of Ninnis sets the stage for a pivotal exploration push in a proven gold province, but execution risks remain ahead.
Questions in the middle?
- Will Bastion secure shareholder approval and complete the required capital raising on schedule?
- How will initial exploration results at Ninnis influence the project’s valuation and development timeline?
- What are the detailed terms and potential impacts of the 1.5% net smelter royalty on future project economics?
