Dundas Brings Kalgoorlie Gold Corridor Under One 85% Project Interest

Dundas Adds 41,200 Ounces Without Immediate Cash Cost

Dundas Minerals (ASX:DUN) has exercised its option to acquire an 85% interest in the Baden-Powell and Windanya Project, bringing two shallow gold resources into the same operating picture as its Rockland discovery, Capricorn resource and Gemini prospect north of Kalgoorlie. On completion, the combined project will include about 41,200 ounces of Dundas-attributable inferred resources from Capricorn and Baden-Powell.

“Kalgoorlie Gold Project tenure north of Kalgoorlie, showing Baden-Powell, Capricorn and Rockland and nearby mines.”

The $1 million completion consideration will be settled in Dundas shares rather than cash. The shares will be issued at the 20-day VWAP immediately before issue and voluntarily escrowed for six months, preserving the company’s cash for exploration while leaving the eventual dilution dependent on Dundas’s share price at completion.

Maritana Takes Equity and Processing Rights

Maritana Minerals (ASX:MRT), through its Black Mountain Gold subsidiary, will retain a 15% interest in the project, free-carried until a decision to mine. It is also expected to hold about 7.4% of Dundas once the consideration shares are issued, creating a relationship that operates at both the project and company level.

Maritana will have a priority right to treat ore from the tenements under the joint venture terms. That does not amount to a processing agreement: Dundas says no such agreement has been entered into, and Maritana may need to match a lower total processing cost available elsewhere, including transport. The company points to Maritana’s planned 2.5 million-tonne-a-year Black Swan Processing Hub, targeted for first production in the second half of 2027, as potentially relevant infrastructure, although the project has not yet reached a mining study.

A Larger Corridor Still Waiting for Continuity

“Tenement plan showing the interpreted mineralised corridor from Rockland through Aquarius and Capricorn to Gemini, with selected previously reported intercepts (ASX: 3…”

The transaction combines Capricorn and Baden-Powell’s 1.25 million tonnes at 1.2 grams per tonne for 48,500 ounces on a 100% basis with Dundas’s 100%-owned Rockland and Gemini positions. The company describes an interpreted north-south corridor running through Rockland, Aquarius, Capricorn and Gemini, but drilling has not established continuity between the prospects. More than 500 metres between Capricorn and Rockland remains untested, while much of the corridor below 100 metres has seen limited drilling.

The consolidation arrives as Kalgoorlie drilling campaign had already tested Capricorn, Baden-Powell and Rockland. Rockland drilling is due to resume shortly for resource definition, while assays from Baden-Powell and the remaining Capricorn holes are expected during the December quarter.

Completion Depends on Lease Transfer Approval

The option exercise notice was served on 6 November, with completion anticipated 10 business days later unless otherwise agreed. Registration of the mining lease transfers requires Ministerial consent; until that occurs, Black Mountain Gold will hold Dundas’s interest on trust. The acquisition therefore advances materially, but ownership of the enlarged position is not yet fully registered.

The assets remain exploration-stage rather than production assets. Capricorn and Baden-Powell carry inferred resources, Rockland has no stated resource in this announcement, and no feasibility study, mining decision or ore-processing contract has been completed. The next useful test is whether drilling and assays can turn the newly assembled ground into a coherent resource story rather than simply a larger map.