Great Northern Minerals Completes Golden Ant Sale and Acquires Nevada Gold-Silver Project

Golden Ant Divestment Accelerated to Completion

Great Northern Minerals Limited (ASX:GNM) has wrapped up the accelerated divestment of its remaining 37% interest in Golden Ant Mining Pty Ltd, receiving $2 million from Great Eastern Gold Ltd (GEG). This transaction completes GEG’s acquisition of 100% ownership of Golden Ant, which holds the Camel Creek and Golden Cup Projects in Queensland. The deal, originally structured as a phased earn-out, was varied during the quarter to bring forward the final payment and transfer of ownership.

Following a $100,000 non-refundable deposit, GEG settled the $1.9 million balance within 60 days post-quarter, finalising the sale. GNM has also transferred associated tenements under the joint venture with NorthX Pty Ltd to NorthX as part of the agreement. This divestment marks a clear strategic shift, enabling GNM to consolidate its focus on wholly owned assets and exploration initiatives.

Douglas Creek Targets Porphyry Copper-Gold System with DDIP Survey

At the Douglas Creek Project, GNM is gearing up for a strategically targeted dipole-dipole induced polarisation (DDIP) geophysical survey. The survey will cover six priority lines over magnetic anomalies identified through reprocessed airborne data, including a distinctive donut-style magnetic anomaly indicative of porphyry mineralisation. Previous reconnaissance sampling returned impressive grades up to 8.6 g/t gold and 598 g/t silver, while 2023 RC drilling intersected widespread disseminated sulphides with visible pyrite and chalcopyrite.

The DDIP survey aims to detect extensive accumulations of disseminated sulphides or silicification at depth, which could confirm the presence of a buried porphyry copper-gold system and guide upcoming drill programs. Fender Geophysics has been appointed to conduct the fieldwork, scheduled to commence once access is feasible post-wet season. This exploration step builds on the company’s ongoing efforts to unlock Douglas Creek’s potential, a project that remains fully owned by GNM.

Catalyst Ridge Exploration Advances Amid Permitting Progress

Meanwhile, at the Catalyst Ridge Project in California, GNM continues to advance exploration on the Antimony Gulch vein system, a structurally controlled quartz-stibnite zone with assays up to 7.1% antimony and associated silver and tungsten. The vein system trends north-northwest towards Dateline Resources’ Colosseum Gold Mine, which boasts a 1.1 million ounce gold resource.

GNM has completed detailed geological mapping and is working with the California State Lands Commission and San Bernadino County to secure a mineral prospecting permit. Pending permit approval, the company plans to deploy DDIP surveys to refine sulphide targets ahead of a drill program. This approach echoes the company’s previous exploration strategy at Catalyst Ridge, where it has identified a vertically zoned epithermal system with potential for gold-silver mineralisation at depth, as reported in its recent Antimony Gulch vein extension update.

Iron Butte Acquisition Adds Advanced Gold-Silver Project

Post-quarter, GNM acquired the Iron Butte Project, an advanced gold-silver epithermal system in Nevada’s prolific Battle Mountain-Cortez Mining District. The project has a substantial historical drilling database of 148 holes totalling over 23,000 metres, with wide near-surface oxide zone mineralisation and potential for high-grade zones at depth.

GNM is currently compiling and verifying existing data to target a maiden JORC-compliant Inferred Mineral Resource. Exploration and infill drilling programs are planned for Q3 2026 to support resource expansion. This acquisition signals GNM’s intent to strengthen its portfolio with a project in one of the world’s most renowned gold belts, complementing its Australian assets and US foothold at Catalyst Ridge.

Financial Position and Outlook

At quarter-end, GNM held $2.54 million in cash, which increased to $4.2 million following the completion of the Golden Ant divestment and Iron Butte acquisition. Exploration expenditure during the quarter was $135,000, reflecting ongoing field programs and preparatory work. No mining production or development activities occurred during the period.

The company’s payments to related parties amounted to $46,000, covering directors’ fees and superannuation. With a strengthened balance sheet and a clear strategic focus on advancing exploration at Douglas Creek, Catalyst Ridge, and Iron Butte, GNM is positioning itself for a potentially active 2026, with key catalysts including DDIP survey results and resource updates.

GNM’s recent moves follow its earlier decision to accelerate the Golden Ant sale, which had already been flagged in February 2026, when the company boosted its cash reserves through this transaction and outlined plans to resume Douglas Creek exploration with induced polarisation surveys in April 2026. This sequence of events underscores a deliberate pivot towards assets with full ownership and significant exploration upside, as detailed in its accelerated sale of Golden Ant stake and completion of Golden Ant divestment announcements.