Miramar Resources Limited (ASX:M2R) has finalised the sale of its Randalls Project to Ore Resources Ltd (ASX:OR3) for up to AUD 800,000 in cash, shares, milestone payments, and royalties, aligning with its strategy to streamline its exploration portfolio and concentrate on other Western Australian projects.
- Randalls Project sold for up to AUD 800,000 including cash, shares, milestones, and royalties
- Sale supports Miramar’s portfolio rationalisation strategy in Eastern Goldfields and Gascoyne
- Focus shifts to Gidji JV Gold Project with planned drilling programs
- Chain Pool Project exploration delayed due to Tropical Cyclone Narelle
- Milestone payments and royalties provide potential upside exposure
Sale of Randalls Project Completed
Miramar Resources Limited (ASX:M2R) has announced the completion of the sale agreement for its Randalls Project, located approximately 70 kilometres east of Kalgoorlie, Western Australia. The project has been sold to Ore Resources Ltd (ASX:OR3), formerly known as Future Battery Metals Limited, for consideration of up to AUD 800,000. This includes a combination of cash, shares in Ore Resources, milestone payments contingent on the delineation of JORC-compliant resources, and a royalty on any future production from the tenements.
Miramar’s Managing Director, Marion Bush, stated that the divestment forms part of the company’s broader strategy to rationalise its portfolio of exploration projects across the Eastern Goldfields and Gascoyne regions. The structure of the deal allows Miramar to retain potential upside exposure to future exploration success and production at Randalls through milestone and royalty arrangements.
Strategic Focus on Key Projects
Following the sale, Miramar is concentrating its efforts on other projects within its portfolio that it considers to have near-term discovery potential. The Gidji Joint Venture (JV) Gold Project, situated about 15 kilometres north of Kalgoorlie, is a primary focus. The company plans to undertake further drilling at Gidji, including infill drilling at the Highway Prospect and a maiden reverse circulation (RC) drilling program at the Claypan Prospect, pending completion of heritage surveys.
In addition, Miramar is preparing for an auger drilling campaign at its 100% owned Chain Pool Project in the Gascoyne region. Previous sampling at the Joy Helen prospect within Chain Pool has identified high-grade sedimentary exhalative (SEDEX)-style copper, lead, and silver mineralisation, alongside extensive alteration. However, this program has been delayed due to the impact of Tropical Cyclone Narelle.
Context and Outlook
The sale of Randalls follows Miramar’s announcement in October 2025 regarding the agreement with Ore Resources Ltd. The milestone payments and royalty components of the deal introduce uncertainty regarding timing and financial impact, as these depend on future exploration and development outcomes by Ore Resources.
Miramar’s recent activities at the Gidji JV Project have included significant shallow gold mineralisation over a 600-metre strike at the Highway Prospect, with high-grade intercepts reported. The company has also raised capital to expand drilling efforts at Gidji and initiate exploration at Chain Pool, indicating a strategic pivot towards projects with potentially quicker pathways to resource definition.
Exploration delays caused by Tropical Cyclone Narelle highlight operational risks that may affect the timing of upcoming programs. Monitoring Ore Resources’ progress on Randalls and Miramar’s exploration updates at Gidji and Chain Pool will be important for assessing the evolving value of Miramar’s portfolio.
Bottom Line?
Miramar’s sale of Randalls streamlines its portfolio while maintaining exposure to future upside, but exploration progress and milestone realisation remain subject to operational and market uncertainties.
Questions in the middle?
- What is the expected timeline for milestone payments and royalty income from the Randalls Project?
- How will Tropical Cyclone Narelle’s impact affect the schedule and outcomes of Chain Pool exploration?
- What are the next steps and resource targets for Miramar’s Gidji JV Gold Project following recent drilling successes?