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Maritana Minerals Swaps Tenements With Accelerate Resources in Kanowna East-Balagundi Deal; Shares Up 3%

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Maritana Minerals (ASX:MRT) has entered into a dual tenement transaction with Accelerate Resources (ASX:AX8), acquiring the Kanowna East tenure package while divesting its Balagundi tenure package, according to a Tuesday filing with the Australian bourse.

The company will issue shares worth the greater of AU$200,000 or 133,333 shares to Accelerate Resources and pay a net cash balance of AU$60,000 after offsets between the parties, per the filing.

It will also grant a 1% net smelter return royalty on acquired and divested tenements and a five-year right of first refusal for Balagundi toll treatment opportunities, the filing said.

Completion is expected in the June quarter, and the acquired ground will be incorporated into the fiscal year 2027 exploration planning, the filing added.

Maritana Minerals' shares rose 3% in recent Tuesday trade, while Accelerate Resources jumped 17%.

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