Rokeby Resources Acquires High-Grade Omeo Gold Project with $4 Million Placement

Omeo Acquisition Transforms Rokeby's Gold Portfolio

Rokeby Resources (ASX:RKB) is making a decisive leap into the high-grade gold arena with its binding agreement to acquire the Omeo Gold Project in northeast Victoria. The project, anchored by the Maude and Sunnyside deposits, boasts a historical mineral resource estimate of approximately 2.4 million tonnes grading 4.02 g/t gold for 320,000 ounces. While this resource is not yet JORC (2012) compliant, it represents a significant inventory upgrade for Rokeby, which plans to aggressively pursue resource growth and upgrade through targeted drilling.

The acquisition is underpinned by a $4 million placement to professional and sophisticated investors, priced at $0.004 per share, aimed at funding an initial exploration and resource definition program. Rokeby’s CEO, Trevor Benson, emphasised the rarity of such advanced, high-grade assets in the current market and highlighted the project’s 5.8-kilometre mineralised strike that remains open along strike and at depth.

High-Grade Intercepts Signal Exploration Upside

Historical drilling at Omeo has delivered impressive high-grade gold intersections, including 11 metres at 13.32 g/t Au at Maude and 15.9 metres at 52.36 g/t Au at Sunnyside, with spectacular narrow intervals hitting grades as high as 900 g/t Au. These results, drawn from past ASX announcements by previous operators, underscore the project's potential for resource expansion. Rokeby’s immediate focus is the Sunnyside deposit, where drilling is set to commence promptly pending permitting, aiming to convert historical estimates into JORC-compliant resources.

The project’s geological setting, featuring vertically oriented mineralisation amenable to conventional underground mining, complements Rokeby’s technical expertise and existing exploration assets. This acquisition not only enhances the company’s scale but also diversifies its portfolio by adding a more advanced, resource-stage asset to balance earlier-stage exploration projects.

Strategic Leadership Changes to Support Growth

Alongside the acquisition, Rokeby is poised for a leadership transition. Mining engineer Richard Beazley, with over 35 years of industry experience and current roles including Executive Director of Troy Resources Ltd, is set to become Managing Director. Meanwhile, Tim Pallas, a veteran Victorian politician and former Minister for Resources and Treasurer, is proposed as Non-Executive Chairman. Pallas’ appointment brings substantial political and regulatory insight, potentially smoothing the path for project approvals and stakeholder engagement.

Current CEO Trevor Benson will remain on the board, ensuring continuity as the company navigates this pivotal phase. The leadership overhaul signals Rokeby’s ambition to leverage Omeo’s potential fully and attract institutional interest.

Acquisition Financials and Conditions

The acquisition deal is structured with a combination of upfront cash payments totaling $3.5 million (including an exclusivity fee), deferred cash payments of $6 million linked to production milestones and anniversaries, and additional deferred consideration payable in cash or Rokeby shares valued at $5.5 million. A 1.5% net smelter return royalty on gold products extracted from the tenements also forms part of the consideration, alongside a per-tonne royalty on ore processed from the main mining licence.

Completion is subject to a series of conditions precedent, including Rokeby’s continued ASX listing, shareholder approvals for share issuances, and successful completion of the capital raising. The mining licence renewal for MIN 4921, which expired in May 2024, is pending but expected to be granted under normal regulatory processes.

Exploration Plans and Portfolio Synergies

Rokeby plans to invest approximately $700,000 initially in exploration, infill and extensional drilling, metallurgical testwork, and environmental surveys. The company also intends to update the historical resource to JORC (2012) standards and conduct structural geological reviews to better define mineralisation continuity and faulting impacts.

The acquisition complements Rokeby’s existing assets, including recent discoveries at the Hurricane Project in Queensland, where the company identified multiple high-grade gold-antimony targets and planned further drilling in early 2026. This broader exploration momentum, combined with the Omeo acquisition, positions Rokeby to expand its footprint in high-grade gold provinces with established infrastructure and a supportive regulatory environment.

Notably, Rokeby's approach to systematic exploration and resource upgrade at Omeo echoes its strategy at Hurricane, where detailed geological surveys and sampling underpin targeted drill campaigns. This thematic consistency may appeal to investors seeking exposure to disciplined, technically driven gold explorers.