Advance Metals Agrees to Acquire Remaining Stake in Two Gold Projects in Victoria
Advance Metals (ASX:AVM) struck a deal to acquire the remaining 20% stake in the high-grade Myrtleford and Beaufort gold projects in Victoria, according to a Thursday filing with the Australian bourse.The company in early 2025 entered into a joint venture agreement with Serra Energy Metals to acquire an 80% interest in the projects for CA$3 million. In May 2025, Advance Metals agreed to assign the original agreement to 1548043 B.C., which now holds all of the ordinary shares in E79 Resources, the beneficial owner of the tenements comprising both gold projects.Advance has now agreed to acquire the remaining 20% stake in the projects based on a modified payment schedule that includes an additional consideration of CA$1 million. The total consideration for 100% will be CA$4 million, payable in tranches over three years, in either shares or cash at Advance's discretion, the company said. An initial tranche of CA$400,000 was paid in March 2025.Advance will also grant 1548043 B.C. a 1% net smelter return royalty in respect of any future gold production from the projects, per the filing.
