Capricorn Metals (ASX:CMM) has entered into a binding agreement to acquire the Yalgoo Project from Tempest Minerals (ASX:TEM), expanding its Mt Gibson Gold Project footprint in Western Australia’s South Murchison region.
The Yalgoo Project spans approximately 1,000km2, contiguous with Capricorn's recently acquired Golden Range and Fields Find tenements, and is considered highly prospective for gold mineralisation.
Under the $4.5 million deal, Capricorn has paid an initial $100,000 deposit, with $400,000 due on completion, and the remaining $4 million to be satisfied through the issuance of fully paid ordinary shares.
The transaction includes full transfer of the Yalgoo Tenements to Capricorn and exploration and development rights over minerals other than iron on the retained Iron Tenements.
Completion, subject to due diligence, regulatory approvals, and ASX confirmation, is expected in January 2026.
Capricorn has also agreed to contingent payments of up to $1.5 million linked to milestone achievements, including the declaration of a JORC-compliant mineral resource exceeding 75,000 ounces of gold and commencement of commercial mining.
Capricorn Executive Chairman Mark Clark said the acquisition "adds highly prospective targets very close to the Company’s Golden Range and Fields Find projects and provides an outstanding opportunity to expand ore sources at MGGP," with exploration planned to commence in 2026.