en.Wedoany.com Reported - Star Minerals has commenced exploration at the Tumblegum South gold project acquired from Albright Metals, marking a significant milestone under the transaction agreement following the project's sale in 2021. With the commencement of mining operations at Tumblegum South, Star Minerals has issued 4 million shares to Albright.

Albright CEO Greg Hill stated that these shares increase the company's liquid assets and help fund exploration and development activities at the Golden Pike project. Hill said, "At a time when gold prices are at historic highs, the Star Minerals team is to be commended for bringing the Tumblegum South gold project into production."

Albright sold the Tumblegum South project in 2021, with consideration including shares and performance rights in Star Minerals. Under the agreement, for each performance right vested, the company receives one fully paid ordinary share in Star Minerals. Based on Star Minerals' closing price of A$0.053 per share on May 15, 2026, the value of the shares proposed to be issued in this transaction is approximately A$212,000. An additional 3 million performance rights will vest upon the announcement of a measured resource estimate for the Tumblegum South gold project.

Earlier this month, Star Minerals initiated blast hole drilling at the project, with mining contractor MEGA Resources completing the first blast on May 12. Star Minerals is an Australian gold developer that brought the Tumblegum South gold project near Meekatharra into production in 2026. Albright Metals is a mineral exploration company focused on antimony, copper, gold, lithium, and manganese exploration in Australia and Canada.

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