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WIN Metals (ASX: WIN) has struck a $9.05 million tenure and mineral-rights rationalisation deal with Astral Resources (ASX: AAR), reshaping ownership and commodity rights across part of WIN’s Mt Edwards Nickel Project in Western Australia.
The transaction involves a combination of tenure transfers, mineral-rights transfers and Mining Rights Agreements, with Astral paying WIN $8.05 million on completion and a further $1 million following registration of the transfer of mining lease M15/96. Completion is scheduled for on or before 5 October 2026.
As part of the agreement, Astral will take ownership of several Mt Edwards tenements and associated mineral rights, including the Zabel nickel resource, while also gaining clearer control over ground associated with its Mandilla Gold Project.
WIN, meanwhile, will retain important nickel interests at Mt Edwards. A Mining Rights Agreement will preserve WIN’s mineral rights over the portion of M15/653 containing its McEwen and McEwen Hangingwall nickel resources.
WIN will also gain 100% control of the gold rights over M15/99, M15/101 and M15/102, which were previously held by Astral’s subsidiary Maximus Resources while WIN held the underlying tenure and other commodity rights.
Following the transaction, WIN’s Mt Edwards nickel resource inventory will stand at 12.33 million tonnes grading 1.42% nickel for 174,540 tonnes of contained nickel.
The deal also reduces WIN’s tenure management obligations, with Astral assuming responsibility for rent, rates and ongoing tenure maintenance across the tenements it acquires.
WIN Managing Director and CEO Steve Norregaard said the transaction provides an important cash injection while preserving the majority of WIN’s nickel resource base and simplifying the development pathway for its retained resources.
For Astral, the transaction consolidates tenure and mineral rights around its Mandilla Gold Project, allowing both companies to focus on their respective project areas and commodity interests.
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