Miramar Grants Option to Future Battery Minerals for Randalls Project Worth Up to A$800k

Strategic Divestment of Randalls Project

Miramar Resources Limited (ASX, M2R) has taken a decisive step to streamline its portfolio by entering into a binding agreement granting Future Battery Minerals Ltd (ASX, FBM) an exclusive six-month option to acquire 100% ownership of the Randalls Project. Located about 70 kilometres east of Kalgoorlie, Randalls has been a part of Miramar’s Eastern Goldfields exploration efforts but now will be divested for up to A$800,000 through a combination of cash, shares, deferred milestone payments, and a royalty.

This move aligns with Miramar’s broader strategy to focus its resources on projects with higher near-term discovery potential, particularly in gold and critical minerals. The sale agreement includes a 1% net smelter return royalty on any future production, with Miramar retaining upside exposure while transferring operational responsibilities to FBM during the option period.

Refocusing on Core Growth Assets

Executive Chairman Allan Kelly emphasised that the divestment allows Miramar to sharpen its focus on more promising ventures, notably the Gidji JV Gold Project and the Bangemall copper-nickel-PGE projects. The Gidji project, situated just 15 kilometres north of Kalgoorlie, is poised for drill testing of multiple bedrock gold targets, while Bangemall benefits from a multi-million-dollar, multi-year exploration joint venture with Japanese mining giant Sumitomo, ensuring fully funded exploration activities.

Beyond these, Miramar is advancing exploration at the Whaleshark copper-gold project near Onslow and the Chain Pool base metals project, which shows potential for a significant sedimentary exhalative deposit. The company is also progressing tenement applications for the Carnarvon heavy mineral sands project, which may contain rare earth elements, further diversifying its critical minerals portfolio.

Deal Structure and Future Prospects

The option agreement requires FBM to pay a non-refundable A$50,000 fee on execution and grants operational access to the tenements during the option period. Upon exercising the option, FBM will pay A$125,000 in cash and an equivalent value in shares, alongside milestone payments of A$250,000 each upon the announcement of JORC-compliant mineral resources of 250,000 and 500,000 ounces of gold respectively. Miramar also retains a right to buy back half of the royalty for A$500,000, a standard feature in such deals.

This structure balances immediate financial return with potential future upside, allowing Miramar to benefit from any significant discoveries or production developments at Randalls without the operational burden. The agreement also includes provisions related to third-party tenement interests and standard regulatory conditions.

Miramar’s portfolio rationalisation and the strategic JV with Sumitomo position the company well to capitalise on the growing demand for gold and critical minerals, essential for emerging technologies and energy transition.