Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) shares rose 19% to 0.78p on Wednesday after the company confirmed it had completed the acquisition of three gold projects in Western Australia, solidifying its position in one of the world’s top mining jurisdictions.
The deals, covering the Darlot West Gold Project, its nearby expansion area, and the Crofton Gold Project, were first announced between September and December last year.
The company has now issued new shares to finalise the acquisitions, giving it full ownership of the tenements.
Managing director Tom Evans said the company had already generated promising exploration results and would move quickly to begin drilling.
“The Darlot area has already provided us with immediate step-up drill targets and now that we will own these tenements outright, we aim to have drill rigs turning this quarter,” he said.
Evans described the potential for commercial gold discoveries across the portfolio as “very high,” especially given the strong gold price environment. The company sees the acquisitions as a strategic step in unlocking shareholder value through near-term exploration.
The news was well received by investors, pushing the AIM-listed company’s shares to their highest level in several months.