Board Shakeup at Southern Cross Gold Consolidated Signals Strategic Shift
Southern Cross Gold Consolidated Ltd has completed its acquisition of Southern Cross Gold Ltd, issuing over 125 million shares and announcing key board changes. The move positions the company to advance the high-potential Sunday Creek Gold-Antimony Project amid a strengthened leadership team.
- Completion of scheme of arrangement acquiring Southern Cross Gold Ltd
- Issuance of 125 million shares as scheme consideration
- Significant board reshuffle with three resignations and three new appointments
- Focus on advancing Sunday Creek Gold-Antimony Project with dual-listed structure
- Strong treasury and strategic positioning amid global antimony supply concerns
Acquisition Completion and Share Issuance
Southern Cross Gold Consolidated Ltd (SXGC) has officially completed its scheme of arrangement to acquire all issued shares of Southern Cross Gold Ltd (SXG). The transaction was settled through the issuance of 125,041,031 common shares of SXGC, distributed primarily as CHESS Depositary Interests (CDIs) on the ASX, with a smaller portion issued as common shares on the TSX Venture Exchange. This dual-listing approach reflects the company’s strategic intent to maintain strong investor access across both Australian and Canadian markets.
Board Restructuring Signals New Strategic Direction
In conjunction with the acquisition, SXGC announced a significant reshuffle of its board. Three directors, Bruce Griffin, Noora Ahola, and Philip Williams, have stepped down, making way for new appointments: Tom Eadie, David Henstridge, and Georgina Carnegie. Michael Hudson remains on the board and has been elevated to President and CEO, while Tom Eadie assumes the role of Non-Executive Chairman. These changes bring fresh expertise, particularly in Australian mining and global capital markets, which will be critical as the company advances its ambitious growth plans.
Strategic Importance of Sunday Creek Project
The acquisition consolidates control over the Sunday Creek Gold-Antimony Project, located 60 kilometres north of Melbourne. This project is emerging as one of the most significant gold and antimony discoveries in the Western world, with impressive drilling results highlighting high-grade mineralization over a 12-kilometre strike length. Notably, antimony contributes approximately 20% of the in-situ value, a factor gaining strategic importance amid global supply constraints, particularly due to China’s export restrictions on antimony.
Market Positioning and Growth Prospects
SXGC’s strengthened treasury, with over A$20 million in cash, and ownership of more than 1,000 hectares of strategic freehold land, position the company well for an aggressive drilling program planned through Q3 2025. The company’s inclusion in the US Defense Industrial Base Consortium and alignment with Australia’s AUKUS legislative framework underscore its potential role as a key Western supplier of antimony, a critical metal for defense and semiconductor industries.
Looking Ahead
CEO Michael Hudson emphasized the transformative nature of the acquisition and the dual-metal profile of Sunday Creek, which allows development primarily on gold economics while retaining strategic antimony supply potential. The new board’s combined experience and the company’s robust financial position set the stage for SXGC to unlock significant shareholder value as it advances this globally significant project.
Bottom Line?
Southern Cross Gold Consolidated’s acquisition and board renewal mark a pivotal step toward unlocking the full potential of Sunday Creek’s gold-antimony resources.
Questions in the middle?
- How will the integration of Southern Cross Gold Ltd impact operational timelines and costs?
- What are the next key milestones for the Sunday Creek drilling program in 2025?
- How might evolving global antimony supply dynamics influence SXGC’s strategic partnerships and market positioning?
