What did Orange Minerals (ASX:OMX) announce regarding its Calarie Project?

Orange Minerals signed a definitive agreement to divest its 51 per cent interest in the New South Wales-based Calarie Project to Adavale Resources (ASX:ADD). The transaction covers tenements ML739, EL8580, and EL8555.

What will Orange Minerals (ASX:OMX) receive in exchange for the Calarie Project divestment?

Orange Minerals will receive 7,905,000 fully paid ordinary shares in Adavale Resources, which are subject to a six-month voluntary escrow period. Additionally, the company will acquire two separate tranches of 7,905,000 unlisted options each, exercisable at $0.10 and $0.20 respectively.

Why is Orange Minerals (ASX:OMX) selling its stake in the Calarie Project?

The divestment is part of management's strategic initiative to rationalise its asset portfolio and unlock value from non-core assets. By divesting, the company can free up capital and technical resources to focus on its higher-priority projects.

How does this divestment alter the long-term strategy for Orange Minerals (ASX:OMX)?

The deal allows Orange Minerals to shift its technical resources and capital allocation toward its core flagship assets. Management intends to focus primarily on the flagship Tepa Gold Project in Ghana and the Lennon’s Find Project in Western Australia’s Pilbara region.

Does Orange Minerals (ASX:OMX) retain any exposure to the Calarie Project?

Yes, Orange Minerals retains exposure to any future upside of the Calarie Project through its new equity stake and unlisted options in Adavale Resources. If Adavale achieves exploration success at Calarie, the value of Orange Minerals’ shareholding and options could increase.

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Orange Minerals divests Calarie Project to Adavale Resources

Written by Jon CuthbertPublished May. 31 2026Last Updated May. 31 2026

Orange Minerals (ASX:OMX) has signed a definitive agreement to divest its 51% interest in the New South Wales-based Calarie Project, encompassing tenements ML739, EL8580, and EL8555, to Adavale Resources (ASX:ADD).

Under the finalised terms of the transaction, Orange Minerals will receive 7,905,000 fully paid ordinary shares in Adavale, which are subject to a six-month voluntary escrow period.

The company will acquire two separate tranches of unlisted options: 7,905,000 options exercisable at $0.10 and another 7,905,000 options exercisable at $0.20, with both tranches expiring on or before Dec. 31, 2029.

The divestment aligns with the company’s ongoing initiative to rationalise its broader asset portfolio and unlock value from non-core assets.

While retaining exposure to the future upside of the Calarie Project through its new equity stake in Adavale, the deal enables Orange Minerals to realign its technical resources and capital allocation towards high-priority assets.

Management will focus on its flagship Tepa Gold Project in Ghana and the Lennon’s Find Project, located in Western Australia’s Pilbara region.

The completion of the transaction remains subject to standard conditions precedent, including securing Adavale shareholder approval, alongside necessary regulatory and third-party consents.

The board has endorsed the agreement as a positive outcome for shareholders, noting that it streamlines exploration operations while maintaining ongoing leverage to exploration success at Calarie.