en.Wedoany.com Reported - Yari Resources Ltd. has signed a binding conditional share purchase agreement (SPA) to acquire a 100% interest in the Arcadia Coal Project (ACP) in central Queensland through the acquisition of Northern Comet Resources Co., thereby significantly expanding its coal resource footprint in Australia's Bowen Basin. Northern Comet Resources Co. is an entity registered in Texas and registered as a foreign company in Australia, holding the mining tenure for the Arcadia Coal Project.
This acquisition will double Yari's JORC Mineral Resource estimate to over 500 million metric tons, advancing the company's strategic regional-scale consolidation in the Rolleston Coal Field, while expanding Yari's regional position and providing opportunities to assess shallow coal occurrences across the broader project area, with such assessments to be incorporated into future exploration and development studies.
Yari Managing Director Courtney Taylor stated that the purpose of this transaction is to transform the southern Rolleston area from a standalone project into a larger regional opportunity. He believes the Arcadia Project brings Yari greater scale, more geological data, and a broader platform for evaluating long-term development options in the Rolleston Coal Field. The transaction structure links the majority of consideration to project success.
This acquisition aligns with Yari's stated strategy of consolidating regional-scale coal resources in the Rolleston Coal Field. The company's existing Southern Rolleston Coal Project serves as the foundational asset in the region, with reported total coal resources of approximately 222.9 million metric tons; the Arcadia Project adds 282 million metric tons of compliant reported resources, significantly expanding Yari's regional footprint.
Arcadia coal has previously been assessed as having potential for producing export-grade saleable coal, subject to further technical review and future studies. Historical assessments indicate the product positioning may range between high-volatile semi-soft coking coal and export thermal coal, requiring further work. Yari noted that these quality observations are based on historical assessments and have not yet been independently verified or updated.
Apart from minimum expenditure commitments and obligations to maintain the tenements in good standing under the Mining Act, Yari retains full discretion over the nature, timing, and scope of exploration and development activities at the Arcadia Project, and is not obligated to commence or continue mining production operations. Completion of the proposed acquisition is subject to (or waiver of) shareholder and regulatory approvals, along with Yari completing a capital raising and receiving valid subscription applications of approximately US$1.06 million (A$1.5 million) within six months of signing the agreement.
