Santa Fe Issues 20M Shares to Acquire Cote d’Ivoire Gold Assets

Completion of Strategic Acquisition

Santa Fe Minerals Ltd (ASX – SFM) has officially completed the acquisition of a suite of gold projects in Cote d’Ivoire from WIA Gold Limited. This move, first announced in November 2025, marks a significant step in Santa Fe’s growth strategy within West Africa’s prolific gold belt.

The transaction was settled through the issuance of 20 million ordinary fully paid shares alongside 8 million performance rights. These rights will convert into shares upon the achievement of specified milestones, aligning incentives between the parties and potentially diluting existing shareholders depending on project success.

Implications for Santa Fe’s Exploration Outlook

With all conditions of the sale agreement now satisfied, Santa Fe is positioned to accelerate exploration activities across its newly enlarged portfolio. The company has signalled that an exploration update will be forthcoming, which investors will watch closely for indications of project potential and timelines.

Cote d’Ivoire remains an attractive jurisdiction for gold exploration, with a track record of significant discoveries and improving infrastructure. Santa Fe’s expanded footprint there could unlock value if exploration results meet or exceed expectations.

Market and Shareholder Considerations

The issuance of shares and performance rights as consideration introduces a degree of capital structure complexity. While the upfront share issuance dilutes existing equity, the performance rights tie further dilution to project milestones, potentially mitigating risk for current shareholders if targets are not met.

Santa Fe’s Managing Director, Doug Rose, has authorised the release of this update, underscoring the company’s commitment to transparency as it advances its West African ambitions.