- HOA provides Vita with exclusive access to NZ exploration opportunities
- Initial focus on Southland and Otago
- Creatively funded using non fungible tokens
- Vita has three months to carry out due diligence
Vita Resources (ASX:VTA) has executed a heads of agreement (HOA) with New Zealand explorer Otago Gold providing it with exclusive access to the depth potential of the latter’s tenements.
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Under the proposal Vita will have access to the projects from a depth of 10 metres and below, whilst Otago retains alluvial rights to all projects.
“This HoA creates an exciting waypoint for Vita by providing access to new frontiers in a friendly jurisdiction,” NEC, Gavin Rutherford, said.
“To date, New Zealand’s world leading success and reputation in agriculture and dairy has overshadowed its spectacular gold producing potential. The potential and price of gold coupled with the gold endowment New Zealand enjoys should see a future where its Primary Industry will be represented by both agri-industry and mining.
“The message I conveyed to NZ mining minister Shane Jones when I met with him in July 2026 was founded on the incremental jobs, industry and GDP for New Zealand our industry could create, and the reception I received was enthusiastic.”
Under the terms of the agreement, Vita will also have access to all projects deemed “large scale” contained within the HoA.
Additionally, Otago Gold is free carried for 20% equity in any given project until a feasibility study and/or a decision to mine (DTM) is reached and announced. At such a point, the 20% can become:
1 A joint venture-based equity with attendant obligations Otago;
2 The 20% can be converted to a 2% net smelter toyalty (NSR) to Otago;
3 The 20% can be vended at a fair market price with Vita having first right of refusal (RoR) to purchase.
“Otago Gold is a very successful, new age alluvial miner with excellent credentials. Innovators by nature, their actions demonstrate an industry presence where farm access/relationships/agreements and traditional owners relationships, combined with an excellent ‘nose’ for the right geology, couples very well with the suite of exploration expertise Vita brings to the relationship,” Mr Rutherford, said.
“Together, we believe this partnership combines extensive local knowledge with modern exploration capability and I am genuinely looking forward to getting underway as soon as possible.”
In Australia Vita is focused on the Ninnis gold project, located 70km west of Laverton in WA.
It also owns copper and rare earth assets internationally.
VTA was steady at 12.5¢ with a Mkt cap of $48.56M prior to markets opening.
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