Maximus Resources Ltd (ASX:MXR) has added a new substantial shareholder to the register after fellow ASX-lister Beacon Minerals Ltd (ASX:BCN) picked up a 19.8% stake.
The news comes after Beacon executed a share purchase agreement with Aussie gold stock Pantoro Ltd (ASX:PNR), meaning it acquired all 63.3 million shares that made up that company’s interest in Maximus.
The deal was done at 4.2 cents per share — a 7% premium to Maximus’ 3.9-cent closing price on January 27. Pantoro also has a call option to buy the shares back within nine months at a higher price.
Like Maximus, Beacon is chasing gold opportunities in WA’s Eastern Goldfields. It currently operates two projects — the Jaurdi gold camp, 35 kilometres northwest of Coolgardie, and the MacPhersons Project, just 5 kilometres to the south.
About Maximus
Maximus is a junior mining explorer with tenements just 20 kilometres from Kambalda, Western Australia’s premier gold and nickel mining district.
Maximus currently holds 48 square kilometres of tenure across the fertile Spargoville Shear Zone, which hosts the high‐grade, historical Wattle Dam Gold Mine.
Mined until 2012, Wattle Dam was one of Australia’s highest‐grade gold mines, producing around 286,000 ounces at 10.1 g/t gold at the time.
Fast forward to today, and Maximus is developing several small high‐grade operations across the tenement portfolio, while actively exploring for the next Wattle Dam.