- Full ownership to be acquired and all outstanding milestone payments across to be removed
- Increases upside from any future discovery, resource upgrade and development
- Maiden RC drill program to test high-grade zones defined at Gingarrigan prospect
- Drilling planned for October 2026
Accelerate Resources (ASX: AX8) has executed binding agreements to consolidate 100% ownership of the Woodie Woodie North manganese project in Western Australia’s north.
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The deal has also removed all vendor milestone payments, royalties and residual third-party rights across the project. Completion of both transactions is scheduled before October 2, 2026.
The consolidation comprises two share-only transactions which, on completion, will deliver a consolidated and simplified ownership structure across the 432 sq. km manganese package as the company advances metallurgical studies at Area 42 and prepares for its first drilling at the high-grade Gingarrigan prospect area.
“This is a decisive simplification of the Woodie Woodie North ownership structure,” CEO and MD, Luke Meter, said.
“On completion, we will own the Area 42 corridor outright and every remaining milestone payment across the project will be extinguished, with no cash leaving the company. From that point, all manganese we discover and develop at WWN will belong solely to Accelerate shareholders.
“With the ownership structure being consolidated, our focus turns to the drill rig at Gingarrigan, where around 3,000 metres of RC drilling will test high-grade manganese at surface for the first time.”
Accelerate has entered a tenement sale and purchase agreement with RH Resources and Pardoo Resources, wholly owned subsidiaries of First Development Resources PLC (FDR), to acquire 100% of exploration licences E45/5854 and E45/5088.
Accelerate previously held exclusive manganese and iron ore rights over both tenements under a 2021 option agreement. On completion, this acquisition will deliver full legal title, all remaining mineral rights and historical mining information, and extinguish any further claims, including milestone payments, deferred consideration, royalties and reversionary rights.
E45/5854 hosts the Area 42 manganese corridor, where Accelerate is currently completing metallurgical studies as part of its mining optionality assessment. Testwork is evaluating both direct shipping and dense media separation (DMS) processing pathways. Outright ownership will give the company full control of permitting, development timing and any future offtake arrangements.
Accelerate has also executed a Deed of Release and Deed of Termination with a group of vendors (not related parties) to terminate the legacy agreements under which WWN tenure was originally assembled.
The terminated agreements covered E45/5942, E45/5907, E45/5978 and E45/5979, together with the original manganese and iron ore option over E45/5854 and E45/5088.
AX8 was steady at 0.5¢. Mkt cap $7.055M.
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