Nagambie and Alkane Complete Approvals for Victorian Exploration Earn-In

• Nagambie shareholders approved the transaction at the company's general meeting on 9 April 2026, satisfying all remaining conditions precedent for the earn-in joint venture with Alkane Resources.
• Alkane will subscribe for approximately 166.7 million new Nagambie shares at $0.015 each, providing $2.5 million in cash to the company.
• A 12-month option period has commenced, during which Alkane may conduct sole-funded exploration and evaluation work across Nagambie's Victorian tenements.
• Alkane may earn up to an 80% interest in the tenements by committing up to $27.5 million in exploration expenditure across two stages over five years.
• If a joint venture is formed, Alkane has agreed to make available spare processing capacity at its adjacent Costerfield plant, subject to agreed commercial terms.

Nagambie Resources Limited (ASX: NAG) is a Victoria-based exploration and development company focused on high-grade antimony and gold systems within the Waranga Domain of the Melbourne Structural Zone in northern central Victoria, Australia. The company holds a roughly 1,000 sq km contiguous tenement package situated near the established gold-antimony operations at Fosterville and Costerfield. Its flagship project is the Antimony-Gold Project, located at the 100% owned Nagambie Mine, where the company is exploring deep beneath the open pits mined during the 1990s.

Shareholder Approval and Transaction Completion

Nagambie shareholders voted in favour of the proposed transaction at the company's general meeting on 9 April 2026. With that vote confirmed, all conditions required to finalise the earn-in and joint venture arrangement, referred to as the ANJV, between Nagambie and Mandalay Resources Costerfield Operations Pty Ltd, a wholly-owned subsidiary of Alkane Resources Ltd (ASX: ALK), were satisfied on the same day.

The ANJV transaction documents were executed on 7 April 2026, with shareholder approval being the final condition to formally commence the arrangement. Following approval, Alkane became entitled to subscribe for approximately 166.7 million new Nagambie shares at $0.015 per share, generating $2.5 million for the company. These new shares rank equally with Nagambie's existing ordinary shares.

Nagambie Chair Kevin Perrin commented: 

"The completion of the Alkane earn-in and joint venture represents an important milestone for Nagambie following the receipt of shareholder approval. The arrangement provides a clear framework for the advancement of exploration and evaluation activities across the Tenements, while allowing Nagambie to retain a meaningful interest and benefit from Alkane's technical and operational capability."

Earn-In Structure and Expenditure Commitments

The 12-month option period is now running, during which Alkane may conduct exploration, technical studies, and evaluation activities across Nagambie's Mining Licence MIN 5412 and Exploration Licence EL 5511. Alkane may withdraw at any point during this period, in which case operatorship and all assets revert to Nagambie.

Under the first stage of the earn-in, Alkane may spend a minimum of $12.5 million within three years of the commencement date to earn a 60% interest, with Nagambie retaining 40%. Under the second stage, Alkane may spend a further $15 million, bringing total expenditure to $27.5 million within five years, to increase its interest to 80%, leaving Nagambie with a 20% participating interest. Alkane funds all exploration costs during the earn-in period.

Joint Venture Formation and Costerfield Infrastructure Access

Once Alkane earns either a 60% interest, without electing to continue, or an 80% interest, the two parties will form an unincorporated joint venture. Alkane will act as manager, with each party contributing to joint venture costs in proportion to its participating interest.

If Nagambie's participating interest falls below 10% following joint venture formation, its interest will convert to a 2% net smelter return royalty, capped at cumulative payments of $20 million, on standard industry terms. A net smelter return royalty entitles the holder to a percentage of gross revenue from ore sales without requiring ongoing cost contributions.

If a joint venture is formed, Alkane has agreed to make spare processing capacity at its Costerfield processing plant available for treating ore from the tenements. Alkane also expects to make available its existing underground mining equipment and maintenance facilities in support of joint venture activities, subject to agreed commercial terms.

Milestones and Next Steps

With all conditions satisfied and the 12-month option period now active, Alkane may begin exploration and evaluation work across the Nagambie tenements. Alkane's decision at the end of the option period on whether to proceed with the earn-in will be the next material decision point for shareholders. Progress against the $12.5 million first-stage expenditure threshold and any resulting exploration updates are expected to be reported in subsequent ASX announcements. Further detail on the original transaction terms is available in Nagambie's ASX announcement dated 30 January 2026, titled Proposed Alkane and Nagambie Joint Venture (ANJV).

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