Pantoro Limited and Tulla Resources Plc announce that they have entered into a binding merger, under which Pantoro will acquire Tulla and consolidate 100% ownership and control of the Norseman Gold Project (Merger).
The Merger consolidates 100% ownership of the Norseman battery and base metals mineral rights.
The Merger will create a new mid-cap ASX-listed gold company with target production of 110,000 oz per annum, a Mineral Resource of 4.79 Moz and an Ore Reserve of 0.98 Moz1 and, given the scale of the Norseman project, significant potential to grow the resource base and production profile through greenfields and brownfields exploration.
Pantoro Managing Director, Paul Cmrlec, commented:
“Consolidating the Norseman Gold Project into a single entity is a logical step for all parties to maximise value as the project ramps up to reach its full potential as a premier gold asset in Western Australia. While Norseman has experienced delays and challenges in its ramp-up, key operational and management changes made late in 2022 are now yielding positive results, with productivity and throughput increasing month on month and process plant ramp-up now virtually complete to nameplate capacity.”
The Norseman Gold Project is located in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt. The project lies approximately 725 km east of Perth, 200 km south of Kalgoorlie, and 200 km north of Esperance.
The current Mineral Resource is 4.8 million ounces of gold with an Ore Reserve of 973,000 ounces.