Industrial Minerals Completes Laverton Gold Acquisition and Appoints New Managing Director

Laverton Gold Portfolio Acquisition Finalised

Industrial Minerals Ltd (ASX:IND) has officially closed its acquisition of Galleon Metals Limited, securing the Laverton Gold Portfolio; a substantial package of 15 exploration licences spanning roughly 205 square kilometres in Western Australia’s prolific Eastern Goldfields. This move consolidates IND’s position in one of Australia’s most active gold districts, with the portfolio offering drill-ready targets adjacent to major resources.

To complete the deal, Industrial Minerals issued 46,666,667 fully paid ordinary shares to Galleon’s vendors as consideration. Alongside this, the company raised $1 million through a placement of 10 million shares at 10 cents each, bolstering its cash position to fund upcoming exploration efforts. The issuance of 8.8 million performance rights to directors and 5.7 million shares in lieu of director fees were also approved by shareholders, reflecting a significant equity injection tied to leadership incentives and remuneration.

Board Overhaul Aligns with Exploration Ambitions

In tandem with the acquisition, Industrial Minerals has refreshed its leadership team to steer the company’s next phase. Warrick Clent, a geologist with over 30 years’ experience and intimate knowledge of the Laverton Gold project, has been appointed Managing Director. Clent’s technical background and prior directorships at ASX-listed mining companies underscore his suitability to advance IND’s exploration strategy.

Michael Dunbar joins as a Non-Executive Director, bringing complementary corporate and technical expertise from 25 years in mineral exploration and resource development. Meanwhile, former Managing Director Jeff Sweet steps down from his executive role but remains on the board as a Non-Executive Director, ensuring continuity. The resignations of directors Alex Neuling and Melanie Leighton mark the end of an era, with the company publicly thanking them for their contributions.

Strategic Positioning in Eastern Goldfields

Chair Ashley Pattison highlighted the strategic value of the new appointments, noting Clent’s direct experience with the Laverton Gold Portfolio as a critical asset for advancing the company’s exploration objectives. The refreshed board composition aims to combine technical insight with corporate governance to unlock value from the newly acquired gold assets.

With the acquisition now complete and leadership in place, Industrial Minerals is positioned to accelerate its exploration activities in a well-endowed gold district. The company’s capital raise and equity incentives align management’s interests with shareholder value creation, though the specifics of performance rights vesting remain to be detailed.