Uvre’s NZ Gold Acquisition Hinges on Regulatory Approvals and Shareholder Vote

Strategic Acquisition Expands Uvre’s Gold Footprint

Uvre Limited (ASX: UVA) has announced a transformative acquisition of Minerals Exploration Limited (MEL), including its wholly owned New Zealand gold exploration subsidiary, Otagold Limited. This move significantly broadens Uvre’s asset base into a highly prospective region, with Otagold holding exploration and prospecting permits covering 332 square kilometres across New Zealand’s North and South Islands.

The acquisition is structured as a share swap, with Uvre proposing to issue 75 million shares at a deemed price of 8 cents each, subject to shareholder approval. The transaction is contingent on several conditions, including due diligence, regulatory consents under New Zealand’s Crown Minerals Act, and a $4 million equity raise, which has already secured firm commitments.

Experienced Leadership Joins Uvre’s Board

Adding considerable weight to the deal, renowned mining executives Norman Seckold and Peter Nightingale, major shareholders in MEL, will join Uvre’s board as non-executive directors. Seckold brings over four decades of resource sector leadership, currently chairing several ASX-listed companies, while Nightingale offers extensive financial and corporate governance expertise. Their combined experience is expected to accelerate Uvre’s exploration and development efforts.

Executive Chairman Brett Mitchell highlighted the strategic value of this leadership infusion, noting the duo’s proven track record in creating shareholder value through resource discovery and project advancement. Their involvement is anticipated to enhance Uvre’s operational capabilities and investor confidence.

Waitekauri Gold Project: A Tier-One Exploration Opportunity

At the heart of the acquisition is the Waitekauri Gold Project, located just 8 kilometres west of OceanaGold Corporation’s prolific Waihi mine, which boasts a 10 million ounce gold endowment. The Waitekauri area features an 18-kilometre mineralised corridor with multiple prospects, including Scotia, Sovereign, and Jubilee, adjacent to several +1 million ounce deposits.

Historical data reveals high-grade mineralisation, with past production grades reaching 48 grams per tonne of combined gold and silver. Uvre plans to initiate an 8-hole drilling program to test these targets, aiming to delineate a multi-million ounce resource. The project’s geological similarities to the Waihi mine underscore its potential as a significant new gold discovery in a stable, tier-one jurisdiction.

Broader Exploration Portfolio and Capital Deployment

Beyond Waitekauri, Otagold’s portfolio includes the Lottin Point Gold Project on the North Island and three permits on the South Island, Roaring Meg, Oturehua, and Invincible, each with promising gold mineralisation signatures. These projects collectively offer diverse exploration targets ranging from high-grade veins to bulk tonnage deposits.

Funds raised from the equity placement will primarily support exploration activities, including drilling, geochemical sampling, and evaluation programs across these permits. The company also plans to allocate capital for general working capital and transaction-related costs.

Next Steps and Market Implications

Uvre is preparing to convene a shareholder meeting by late June 2025 to approve the acquisition and equity raise. Upon completion, the company’s share count will nearly triple, reflecting the issuance of consideration shares and placement shares. Current non-executive directors Steven Wood and Peter Woods are expected to resign following the new appointments.

This acquisition positions Uvre as a compelling junior gold explorer with a strengthened balance sheet, an experienced board, and access to highly prospective New Zealand gold assets. The market will be watching closely as Uvre embarks on its exploration campaign to validate and unlock value from these projects.