How Great Divide Mining’s Full Control of Challenger Could Reshape Its Future

Strategic Ownership Consolidation at Challenger

Great Divide Mining Ltd (ASX – GDM) has taken a decisive step in its growth strategy by resolving a longstanding joint venture dispute with Adelong Gold Limited. This resolution paves the way for GDM to acquire the remaining 49% interest in Challenger Mines Pty Ltd, moving towards full 100% ownership of the Challenger Gold Mine located in the historic Adelong Goldfield in southern New South Wales. The acquisition, subject to shareholder and regulatory approvals, promises to simplify the ownership structure and grant GDM full operational control, allowing the company to implement a staged, sole-funded restart plan for the brownfields gold operation.

Exploration Success at Coonambula Reinforces Critical Minerals Focus

Meanwhile, exploration activities at the Coonambula Antimony-Gold Project in central Queensland have yielded encouraging results. Joint venture partner Dart Mining NL reported exceptionally high-grade surface sampling and initial diamond drilling at the historic Banshee Antimony Mine, with antimony grades reaching up to 65.3%, gold up to 170 grams per tonne, and silver up to 97.9 grams per tonne. These findings underscore the project's potential as a significant source of antimony, a critical mineral with increasing global strategic importance. Ongoing geophysical surveys and drilling programs aim to refine resource estimates and support a maiden JORC-compliant mineral resource declaration.

Yellow Jack Joint Venture Advances Towards Production

In Queensland, GDM’s wholly owned subsidiary has entered into a binding term sheet with Native Mineral Resources Holdings Limited to form a joint venture at the Yellow Jack Gold Project. This arrangement envisages GDM mining and delivering ore, while Native Mineral Resources will process and refine it at their nearby Blackjack processing plant. The capital-light structure is designed to accelerate the path to a second mining operation, leveraging existing infrastructure and sharing profits equally after cost recovery. Due diligence and environmental permitting are underway, with mining activities expected to commence following final approvals.

Financial Discipline Amid Growth Initiatives

Great Divide Mining has maintained a disciplined approach to capital management during the quarter. The company reported a net cash outflow of AUD 1.119 million, reflecting ongoing exploration, evaluation, and development expenditures. Despite this, GDM ended the quarter with AUD 653,000 in cash and continues to assess its funding requirements. The company has indicated plans to seek additional equity funding as needed to support its operational and growth objectives, while also prioritising cost control and balance sheet flexibility.

Broader Portfolio and Corporate Updates

Beyond its flagship projects, GDM continues to manage a portfolio of five projects across Queensland and New South Wales, including early-stage exploration at Devils Mountain and Cape projects. The company also provides management and exploration services to Bougainville Mineral Investments Ltd, supporting community engagement and regulatory processes. Related party transactions were disclosed in line with governance requirements, and no new tenements were acquired or disposed of during the quarter.

Overall, Great Divide Mining’s quarterly report reflects a company actively consolidating its asset base, advancing exploration with promising results, and positioning itself to capitalise on the sustained demand for gold and critical minerals such as antimony.