Yandal Resources Ltd (ASX:YRL) has finalised the Tenement Sale Agreement (TSA) with Horizon Minerals Ltd (ASX:HRZ) for the sale of its 100% interest in the Gordons Gold Project. The TSA, originally executed in August, has now been completed with Yandal receiving the full consideration under the agreement.
“The completion of the TSA, combined with the recent strongly supported capital raising and additional cash raised from the unlisted $0.11 options, further improves Yandal’s funding position and allows the team to aggressively pursue recent discoveries within our under-explored portion of the richly endowed Yandal Greenstone Belt,” Yandal Resources’ managing director, Chris Oorschot, said.
The total consideration of A$2.81 million comprised:
- A$0.2 million refundable deposit paid on execution of the TSA;
- A$1.0 million cash payment on completion; and
- A$1.61 million in fully paid Horizon shares (37,573,385 shares), issued at a 10% discount to the 15-day VWAP prior to execution.
The Horizon shares are not subject to any escrow restrictions. KPMG Corporate Finance advised and managed the divestment process.
Strengthened balance sheet
In addition to proceeds from the sale, Yandal has raised approximately A$1.9 million since September 30, 2025 from the exercise of unlisted options with an exercise price of $0.11, which are due to expire on November 17, 2025. A further A$0.7 million could be raised if all remaining options are exercised.
This funding follows the successful completion of a A$13.5 million placement (before costs) in October.
After accounting for inflows from the placement, option exercises, and the Gordons settlement, Yandal’s cash balance stands at approximately A$18.0 million, up from A$2.3 million at September 30, 2025.
Exploration outlook
The strengthened cash position provides Yandal with the financial capacity to accelerate exploration activities across its key project areas, including the Arrakis Discovery, the New England Granite target area, and the Flushing Meadows deposit.
Following the Gordons sale, Yandal’s combined Mineral Resource across its portfolio now totals 10.8 million tonnes at 1.3 g/t gold for 450,000 ounces.