Industrial Minerals Advances Laverton Gold Strategy with $3 Million Placement

Laverton Gold Acquisition Bolsters IND’s Portfolio

Industrial Minerals Ltd (ASX:IND) has taken a significant step to diversify its mineral assets by agreeing to acquire the Laverton Gold Portfolio, a package of 15 exploration licences spanning approximately 205 square kilometres in Western Australia’s highly prospective Laverton Tectonic Zone. The deal, valued at A$4.67 million in shares plus a 2.0% net smelter return royalty, is subject to shareholder approval and adds a suite of drill-ready banded iron formation (BIF)-hosted gold targets to IND’s portfolio.

The Laverton region is no stranger to gold production, having historically yielded over 28 million ounces, with world-class deposits such as Granny Smith and Lady Julie located nearby. IND’s new portfolio lies adjacent to multi-million-ounce deposits controlled by Genesis Minerals (ASX:GMD), including the Barnicoat and Beasley Creek projects, providing a geological analogue and a promising backdrop for exploration.

Historic Drilling Highlights High-Grade Potential

IND has compiled historic drilling data from the Majestic prospect within the portfolio, confirming a broad, near-surface gold mineralisation footprint with multiple intercepts exceeding 1.5 grams per tonne (g/t) gold. Notable intercepts include 7 metres at 1.61 g/t Au, including 1 metre at 6.89 g/t, and 5 metres at 1.59 g/t Au with a 1-metre interval grading 4.71 g/t Au. These results complement other high-grade historic intercepts at North Pool, such as a staggering 1 metre at 82.2 g/t Au, and Gladiator, where intercepts include 43 metres at 2.24 g/t Au.

These drill results underpin IND’s strategy to prioritise and refine targets ahead of a maiden drilling campaign. The company has already commenced a comprehensive geophysical review integrating historic drilling, surface geochemistry, and structural interpretation to generate a ranked inventory of drill-ready targets, initially focusing on North Pool and Gladiator before extending to Majestic.

Capital Raise Supports Exploration and Working Capital

To fund the Laverton exploration programme and bolster working capital, IND completed the first tranche of a two-part placement, raising $2 million of a proposed $3 million at $0.10 per share. The second tranche, up to $1 million, awaits shareholder approval. The capital injection follows earlier commitments and aligns with the company’s ambition to accelerate exploration activities across its expanded portfolio.

Board Restructure to Drive Growth

Alongside the acquisition, IND is reshaping its leadership. Warrick Clent, a director and minority shareholder of Galleon Metals, the target acquisition vehicle, will join as Managing Director. Clent brings direct experience with the Laverton Gold Project and a strong background in gold exploration in the Eastern Goldfields. Mike Dunbar, a seasoned mining executive with a track record of growing companies and developing major deposits, will join as a Non-Executive Director. Meanwhile, current Managing Director Jeffrey Sweet will transition to a Non-Executive Director role, maintaining continuity.

Existing Chair Ashley Pattison will retain a casting vote to ensure board stability through the transition, while two Non-Executive Directors will depart upon completion of the acquisition.

Pippingarra Quarry Project Remains a Strategic Asset

Beyond gold, IND holds an option to acquire an 80% interest in the Pippingarra Quarry Project in the Pilbara, hosting an inferred mineral resource of 6.2 million tonnes at nearly 98% silica. The project’s proximity to Port Hedland and existing infrastructure positions it well for supplying high purity quartz to advanced manufacturing sectors, including semiconductors and solar industries.

Financial Position and Outlook

As at 30 June 2026, IND reported cash reserves of $2.08 million. Exploration expenditure for the quarter was modest at $63,770, reflecting early-stage activities. The company confirmed no mining production or development activities during the period. Payments to related parties amounted to $66,963, comprising director fees and office rent.

With the acquisition pending shareholder approval and a maiden drilling campaign on the horizon, IND’s next milestones will be critical in validating the Laverton Gold Portfolio’s potential and advancing its broader strategic objectives.