Beacon Minerals announced the satisfaction of the conditions precedent for the earn-in, joint venture and tenement transfer agreement regarding the Lady Ida Project.
The agreement involves Beacon's wholly-owned subsidiary, Beacon Mining, earning up to 50% beneficial ownership and entering an unincorporated JV with Lamerton and Geoda to mine and develop the project.
The company had previously received approval for the agreement from non-associated shareholders during a general meeting on Aug. 9.
With all required documents fully executed, Beacon is now set to move forward with key stages of the Lady Ida Project.
In addition, Beacon has appointed Brett Hodgins as a new non-executive director to meet one of the conditions set by the agreement.
Hodgins brings over 25 years of experience in the resources sector, with previous roles including President and CEO of Central Iron Ore.
"We are pleased to welcome Brett Hodgins to our board. His extensive experience in exploration and mining operations will be invaluable as we proceed with the development of the Lady Ida Project," said Sarah Shipway, non-executive director of Beacon Minerals.
Beacon's next steps include finalising mining proposals and mine closure plans for submission to the Department of Mines and Petroleum, updating the Lady Ida mineral resource by December, and beginning the processing of existing low-grade stockpiles.
Beacon Minerals is a gold mining and exploration company. The company is engaged in mineral exploration, development, and production in Western Australia.
At the time of reporting, Beacon Minerals’ share price was $0.023.