REZ and Rembrandt Sign JV to Launch Maranoa Gold Production

Joint Venture Agreement Unlocks Near-Term Gold Production

Resources & Energy Group Limited (ASX:REZ) has taken a major step towards gold production at its East Menzies Gold Project with a formal joint venture agreement signed with Rembrandt Mining Pty Ltd. The deal covers mining and processing of the Maranoa Gold Deposit, with Rembrandt shouldering 100% of capital expenditure, including drilling, mining, and processing infrastructure. REZ retains 100% ownership of the tenement and remains the legal mining operator, while Rembrandt acts as contract operator under a Tribute Mining Agreement.

This arrangement effectively transfers upfront capital risk to Rembrandt, allowing REZ to conserve cash and focus on advancing exploration and resource definition at other key project areas such as Goodenough, Gigante Grande, and Granny Venn.

Profit Share Structure and Operational Details

The profit split is structured on a sliding scale, starting at an even 50/50 split when gold prices are at A$3,000 per ounce, but shifting to a more favourable 60/40 split for REZ when prices reach A$7,000 or above. This tiered model provides REZ with meaningful upside leverage should gold prices strengthen, while ensuring cost discipline from Rembrandt at lower price points.

Rembrandt is deploying a mobile modular mill on site at the Granny Venn processing location, moving away from earlier considerations of third-party toll milling. This on-site processing approach is designed to maximise recovered gold ounces and maintain operational flexibility. The modular mill complements a fallback option of on-site vat leaching, which was trialled successfully in 2025.

Grade Control Drilling and Mining Strategy Underway

Grade control drilling has commenced with an RC rig now at Maranoa, targeting approximately 1,500 metres to refine the geological model ahead of mining. Rembrandt plans to implement a selective, low-dilution mining methodology focused on maximising recovered ounces through detailed grade control, selective ore extraction, and strict ore/waste separation. This approach aims to preserve head grades and optimise project margins.

Capital Protection and Exploration Focus

REZ’s capital commitment remains at zero unless exploration defines a gold inventory exceeding 300,000 ounces, at which point the parties would co-develop a carbon-in-leach (CIL) plant on a 50/50 cost-share basis. This threshold safeguards REZ’s balance sheet while preserving the option to scale up processing infrastructure if warranted by resource growth.

Meanwhile, REZ is concentrating its management and capital resources on advancing exploration across its broader East Menzies portfolio. The Goodenough deposit hosts 61,200 ounces at 92% Indicated classification, while Gigante Grande holds a 40,700-ounce Inferred resource plus a conceptual exploration target ranging from 160,000 to 500,000 ounces. These assets represent significant longer-term growth potential beyond the near-term production at Maranoa.

Regulatory and Operational Responsibilities

While REZ retains the legal operator designation for regulatory purposes with the Department of Mines, Industry Regulation and Safety (DMIRS), Rembrandt assumes responsibility for all mining-related approvals, site rehabilitation, and compliance with workplace health and safety and environmental regulations. Rembrandt will also nominate and employ key site management personnel, subject to REZ’s approval.

The agreement includes a modest management fee of A$200,000 per annum payable to REZ for overseeing the joint operation, which is recovered as an operating expense before profit distribution.