Golden Mile Resources (ASX:G88) entered into a binding agreement to divest its residual 20% interest in the Leonora Gold joint venture.
The stake is being sold to Navigator Mining, a wholly-owned subsidiary of Patronus Resources (ASX:PTN), for a total cash consideration of $250,000.
The move marks the company's complete exit from the project, streamlining its portfolio as it shifts focus towards other exploration priorities.
The Leonora Gold JV is a significant landholding situated in the premier mining jurisdiction of the Eastern Goldfields in Western Australia.
Located approximately 40km north-east of Leonora and 230 km north of Kalgoorlie, the project encompasses the Benalla, Normandy, Monarch, and Ironstone Well project areas.
The expansive package includes a diverse range of tenements, such as M37/1414, E37/1225, and numerous P37-series licences.
This transaction follows a milestone reached on Dec. 15, 2025, when Navigator successfully satisfied the Stage 2 expenditure requirements under the original joint venture agreement.
Having earned its 80% majority interest through that exploration investment, Navigator moved to consolidate full ownership of the asset.
Completion of the sale is fast-tracked and expected to occur as early as next week.
However, the finalisation remains subject to standard closing conditions, including regulatory approvals, the termination of existing prospecting agreements, and the formal execution of deeds of assignment and assumption.