en.Wedoany.com Reported - Orange Minerals (ASX: OMX) announced on June 1, 2026, that it has sold a 51% majority stake in its Calarie project tenements located in New South Wales, Australia, to Adavale Resources (ASX: ADD). Under the agreement, Adavale will pay a total consideration of 23.72 million shares and options, to be settled in three tranches. This transaction will result in Orange Minerals relinquishing control over the project tenements, allowing it to focus on core assets such as the Tepa Gold Project in Ghana.
The Calarie project is located north of the town of Forbes in the Lachlan Fold Belt, New South Wales, and comprises one mining lease (ML739) and two exploration licenses (EL8555, EL8580). Geologically, the project lies within the north-south trending Forbes-Parks metallogenic belt, part of the Junee-Narromine volcanic belt, with gold mineralization hosted in the contact zone of the Parkes Fault shear zone between the Ordovician to Early Silurian Cotton Formation and the Ordovician North Parkes Volcanics. The area historically hosted an underground gold mine that produced approximately 39,000 ounces of gold at a grade of 22 g/t between 1896 and 1908. Adavale stated that the acquired tenements include the Calarie mining lease (ML739), which contains a resource of 870,000 tonnes of ore at a grade of 1.83 g/t (containing approximately 50,796 ounces of gold). This lease is located only about 60 kilometers from Adavale's London Victoria Gold Mine. Upon completion of the transaction, Adavale's total global gold resources in the Parkes region of the Lachlan Fold Belt will increase to approximately 166,000 ounces.
The seller, Orange Minerals, was established in 2021 in West Perth, Australia. It is an exploration company focused on base and precious metals including gold, copper, and silver, with exploration projects in the Lachlan Fold Belt of New South Wales and Western Australia. The company's key projects include the Calarie project, Wisemans Creek project, Copper Hill project, Boda project, Majestic project, and Kurnalpi project. Prior to this transaction, Orange Minerals held a 70% beneficial interest in the Calarie project, derived from a joint venture agreement with Godolphin Resources (ASX: GRL), under which Orange could earn up to a 70% interest by spending A$1.5 million on exploration. The company had previously raised funds through a share placement of A$3.18 million in 2025. The acquirer, Adavale Resources, was founded in 1969 and is headquartered in West Leederville, Western Australia. It is an exploration company listed on the TSX Venture Exchange. In addition to the acquired Calarie project, Adavale holds a 100% interest in the Lake Surprise Uranium Project in South Australia and 12 exploration licenses for the Kabanga Jirani Nickel Project in Tanzania.
For Orange Minerals, this sale is a continuation of its "portfolio rationalization" strategy. Orange Minerals described the divestiture as a continuation of its strategy to "rationalize its asset portfolio and realize value from non-core assets." Through this transaction, Orange Minerals will retain exposure to the potential upside of the Calarie project via its shareholding in Adavale. This allows Orange to prioritize capital and technical resources for its core assets, including its flagship Tepa Gold Project in Ghana and the Lennon's Find project in the Pilbara region of Western Australia. The transaction was recently finalized, with the specific issuance process for the shares and options to be completed in three tranches.
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