Astral Resources to acquire Estrella Resources' nickel rights

Astral Resources has entered into a binding agreement to acquire the nickel rights held by Estrella Resources near Spargoville in Western Australia. The deal involves the acquisition of all nickel rights across five tenements, which Astral considers critical for the development of its Mandilla gold project near Kalgoorlie.

Astral will provide Estrella with 20 million shares at a deemed issue price of $0.15 per share, totaling $3 million in scrip. Half of these shares will be held in voluntary escrow for six months following the completion of the transaction, which is estimated to occur by October 12.

For Estrella Resources, the divestment allows the company to redirect its resources toward exploration projects in Timor-Leste. Estrella’s portfolio in Timor-Leste includes manganese, limestone, copper, and gold assets, such as the Ira Miri manganese project and the Werumata limestone project.