Maverick Minerals has finalized the acquisition of the Viper Project tenements from Caprice Resources, expanding its West Arunta footprint with a mix of granted tenements and applications, and establishing a joint venture with Caprice.
- Acquisition includes 8 granted tenements and 7 applications
- Initial cash payment of AUD 2.7 million completed
- Joint venture formed with 75% Maverick and 25% Caprice interests
- Maverick free carries Caprice until decision to mine
- Facilitation fee paid via shares and options to third party
Acquisition Finalized with AUD 2.7 Million Cash Payment
Maverick Minerals Australia Ltd (ASX:M96) has completed the acquisition of the Viper Project tenements in Western Australia's West Arunta region from Caprice Resources Ltd (ASX:CRS). The deal covers eight granted tenements alongside seven tenement applications, marking a significant expansion of Maverick's exploration portfolio in a region known for its mineral potential.
The company paid an initial cash consideration of AUD 2.7 million, inclusive of a previously paid deposit, to secure the assets. An additional AUD 190,000 worth of shares will be issued to Caprice upon the commencement of an exploration program, priced in line with Maverick's recent placement shares at $0.012 each.
Joint Venture Structure Reflects Risk Sharing and Future Development Plans
Maverick has established an unincorporated joint venture with Caprice over a subset of the tenements, where it holds a 75% participating interest while Caprice retains 25%. Notably, Maverick will free carry Caprice's share until a decision to mine is made, effectively funding Caprice’s share of exploration and development costs up to that point.
For the remaining four granted tenements, ownership is split 75% to Maverick, 15% to Caprice, and 10% to HJH Nominees Pty Ltd, with Maverick similarly free carrying the minority holders until mining decisions are reached. This structure limits upfront capital exposure for Maverick while preserving upside potential should the project advance.
Facilitation Fee Settled Through Equity Instruments
As part of the acquisition completion, Maverick will issue 20 million shares and 20 million options exercisable at $0.02 with an expiry in December 2028 to Wolf Like Me Pty Ltd or its nominee as a facilitation fee. Importantly, Wolf Like Me is not related to Maverick or its directors, indicating an arm’s length arrangement approved by shareholders earlier this year.
Strategic Expansion in West Arunta Region
This acquisition complements Maverick’s recent move to secure a 90% stake in Lyza Mining, which added eight tenements in the same region, broadening its landholding and exploration scope for critical minerals including niobium and rare earth elements. Together, these transactions position Maverick to leverage the West Arunta’s prospective geology across a combined area exceeding 220 square kilometres.
Bottom Line?
Maverick’s acquisition and joint venture setup provide a measured approach to expanding its West Arunta presence, balancing capital commitment with strategic optionality ahead of exploration.
Questions in the middle?
- When will Maverick commence exploration activities triggering additional share issuance?
- How soon might the joint venture partners reach a decision to mine on the free-carried tenements?
- What are the potential resource targets and timelines across the newly acquired Viper Project tenements?