Southern Cross Gold gains strategic land

Southern Cross Gold (ASX:SXG) has received the green light from the Australian Treasurer through the Foreign Investment Review Board (FIRB) to finalize a Share Swap Agreement. This allows Southern Cross Gold to acquire Sparr Nominees Pty Ltd, which will significantly boost its landholdings around the Sunday Creek Project.

Key acquisition insights and future outlook

Southern Cross Gold Ltd (ASX:SXG) is set to acquire Sparr Nominees Pty Ltd following approval from the FIRB. This acquisition involves 921.22 hectares of agricultural land and A$18.75 million in cash, traded through the issuance of 22,088,670 SXG shares. This strategic move will expand SXG's landholdings to a total of 1,054.51 hectares around the Sunday Creek Project, a site with significant global gold-antimony potential. This expansion is seen as crucial for advancing the project and aligns with the company's strategy to enhance its development capabilities. The transaction was authorized by the Board of Southern Cross Gold Ltd, underscoring its importance to the company's future ambitions.

Executive insights on acquisition benefits

The strategic importance of securing this land and resources around the Sunday Creek project cannot be overstated. It positions us well for future development pathways,' said Michael Hudson, Managing Director of Southern Cross Gold.