Great Northern Minerals has fast-tracked the sale of its remaining 37% interest in Golden Ant Mining to Great Eastern Gold for $2 million, strengthening its cash position and sharpening focus on wholly owned projects.
- Sale of remaining 37% stake in Golden Ant Mining for $2 million
- Transaction increases GNM’s cash balance to $4.82 million
- Great Eastern Gold gains 100% ownership of Golden Ant Mining
- GNM retains full ownership of Catalyst Ridge and Douglas Creek projects
- Douglas Creek exploration to resume with induced polarisation survey in April 2026
Strategic Divestment Accelerates Cash Inflow
Great Northern Minerals Ltd (ASX – GNM) has announced a significant step in reshaping its portfolio by accelerating the divestment of its remaining 37% interest in Golden Ant Mining Pty Ltd (GAM) to Great Eastern Gold Ltd (GEG) for a total consideration of $2 million. This move marks the completion of GEG’s acquisition of 100% ownership of GAM, which holds the Camel Creek and Golden Cup projects in Queensland.
Previously, GNM was to retain a 10% minority interest under an earn-out arrangement, but the revised agreement expedites full ownership transfer to GEG. The transaction includes a $100,000 non-refundable deposit already paid, with the balance due within 60 days, subject to necessary third-party approvals.
Strengthening Liquidity and Focus
The $2 million proceeds complement GNM’s existing cash reserves of $2.82 million reported in the December 2025 Quarterly Report, boosting the company’s liquidity to approximately $4.82 million. This enhanced cash position provides GNM with greater financial flexibility to advance exploration activities on its fully owned Catalyst Ridge and Douglas Creek projects, as well as to pursue new critical minerals opportunities aligned with its strategic objectives.
Non-Executive Chairman Eddie King emphasised the importance of this transaction in enabling GNM to concentrate on its core assets and critical minerals strategy. The divestment allows the company to streamline its portfolio and allocate resources more efficiently towards projects with higher growth potential.
Exploration Momentum at Douglas Creek
GNM is preparing to ramp up exploration at its Douglas Creek project in North Queensland. The company plans to commence a dipole induced polarisation (DDIP) survey in April 2026, targeting subsurface sulphide accumulations that may indicate a buried porphyry copper-gold system. The survey design is complete, and final contractor pricing is expected imminently.
Depending on the survey results, GNM will evaluate further exploration steps, including potential drilling, to test promising targets. This exploration program underscores GNM’s commitment to advancing its wholly owned assets and unlocking value for shareholders.
Looking Ahead
While the divestment transaction is subject to customary third-party consents and approvals, its completion will mark a pivotal moment for GNM’s strategic repositioning. The company also agreed to transfer certain tenements associated with the NorthX joint venture to NorthX Pty Ltd, further simplifying its asset base.
With a stronger balance sheet and a sharpened focus on critical minerals exploration, Great Northern Minerals is well positioned to capitalise on emerging opportunities in the sector, particularly as demand for battery and technology metals continues to grow globally.
Bottom Line?
GNM’s accelerated divestment boosts cash and sharpens focus, setting the stage for renewed exploration momentum.
Questions in the middle?
- Will GNM pursue new acquisitions to complement its critical minerals portfolio?
- What are the expected timelines and milestones for the Douglas Creek induced polarisation survey?
- How might the full divestment of Golden Ant impact GNM’s long-term growth strategy?