NE Minerals to Earn 80% Interest in Brimstone over Three Years

Farm-In Deal Shifts Brimstone Development Risk

Platina Resources (ASX:PGM) has handed the reins of its Brimstone Gold Project to NE Minerals Pty Ltd under a binding farm-in and joint venture agreement that lets NE Minerals earn an 80% stake by funding all exploration, evaluation, and development over three years. This move effectively transfers the financial and operational burden of advancing Brimstone to a technically capable private group while preserving Platina’s 20% exposure to any upside.

Located about 40km northeast of Kalgoorlie, Brimstone is a 70km² tenement package that includes the advanced Garibaldi prospect, where previous drilling intersected both broad zones and high-grade gold mineralisation. The project’s promising exploration potential is now set to be aggressively pursued by NE Minerals, which is expected to commence drilling and technical studies within the first year of the earn-in period.

Strategic Refocus on Tier 1 Opportunities

Platina’s Managing Director Corey Nolan explained that the farm-in aligns with the company's strategy to concentrate on large-scale Tier 1 discoveries, while still preserving value in Brimstone without further capital calls. This approach allows Platina to avoid dilution and capital expenditure as NE Minerals takes on the cost of exploration, regulatory approvals, and tenement maintenance.

The agreement requires Platina to finalise Mining and Cultural Heritage agreements at NE Minerals’ cost and sets a 60-day due diligence and exclusivity period to formalise binding contracts. After NE Minerals earns its 80% interest, the parties will form an unincorporated joint venture contributing pro-rata thereafter.

NE Minerals Brings Local Expertise and Financial Backing

NE Minerals, a private entity funded by family offices and based in Kalgoorlie, brings experience in exploration drilling, open pit mining, and bulk ore haulage. This local expertise combined with financial capacity positions NE Minerals to advance Brimstone efficiently through pre-development activities.

This farm-in deal arrives as Platina accelerates its drilling and exploration across its core Laverton gold portfolio, where it has planned over 20,000 metres of drilling supported by a strong cash position. The company’s ongoing focus on Laverton is underscored by recent expansions and drilling campaigns, including at Mt McKenna and acquisitions such as Mt Morgans South, consolidating a significant landholding in the region over 20,000m drilling planned and Mt Morgans South acquisition.

Brimstone’s Upside Hinges on NE Minerals’ Performance

While Brimstone remains prospective, its development now depends on NE Minerals meeting the earn-in milestones, including completing drilling programs, technical and economic studies, and securing regulatory approvals within three years. Platina retains a 20% interest but will only contribute capital on a pro-rata basis after NE Minerals’ earn-in, limiting its short-term financial exposure.

The farm-in structure reflects a pragmatic balance between risk and reward, allowing Platina to focus on its higher-priority projects while keeping a foot in the door at Brimstone. The key question now is how swiftly NE Minerals can translate Brimstone’s known mineralisation into a viable mining operation.