closeup of handshake of business partners on the background of business team
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Great Divide Mining (ASX:GDM) has inked a farm-in deal with ASX-listed Adelong Gold (ASX:ADG) to recommence operations at Adelong Gold Mine.

Describing that asset as “historic” – a familiar theme for regular market watchers sniffing around the junior explorers – GDM will be the manager of a venture between itself and Adelong (the company) at Adelong (the mine.)

In its heyday, the mine put out 800,000oz of gold. There’s no solid indication the company can replicate that, but, the facts of the past do underscore the geological fertility of the project acreage.

As part of the deal, GDM will acquire a 15% stake in Adelong Gold subsidiary Challenger Mines after spending $300K “on-ground.” That ownership will extend to “51% ownership on production of gold from the Adelong Mine process plant,” the company wrote on Monday.

For GDM’s part, it now has the benefit of being able to boast it’s transitioned from explorer to producer.

In the background of the relationship between Great Divide and Adelong Gold – a partnership they’re calling the Adelong Venture – sits another 68sq.km. of acreage with partial mining approvals.

“GDM was formed to rapidly evolve into a cash-flow mining business. This agreement sets us squarely on the path to producing our first gold in the near-term,” GDM CEO Justin Haines said.

“Working within the Adelong Venture we aim to commence restarting of the existing plant and development of the gold in mine plan this year, then organically expanding the resources and operation.”

This, he says, is a transformational time.

GDM last traded at 26.5%.

Join the discussion: See what HotCopper users are saying about Great Divide Mining and be part of the conversations that move the markets.

GDM by the numbers
More From The Market Online
Market Update Graphic

ASX Market Update: Unemployment remains steady at 4.1% | November 14, 2024

The ASX200 has been up 0.45% at 8,330 points in afternoon trade. Australia’s unemployment rate remained…
HotCopper studio & website with Gumtree branding

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Let’s get straight to the point: of all the smallcaps in the Telecommunications index, The Market Ltd…
Group of men in hard hats planning a project

Yangibana 33% complete says Hastings, as it provides clarification on funding

Hastings Technology Metals Ltd has provided an update on how development of the Yangibana project in…
The Market Online Video

Trump is President Again: What Does This Mean for Crypto?

Donald Trump swept the 2024 US presidential election, comprehensively beating the Democratic candidate Kamala Harris.