Catalina Resources acquires projects

Catalina Resources (ASX:CTN) has acquired the Evanston and Yerilgee Projects from Dreadnought Resources (ASX:DRE). This acquisition is part of the Central Yilgarn Project. The transaction includes an initial payment, shares, and potential milestone payments.

Acquisition summary and outlook

Catalina Resources has secured the Evanston and Yerilgee Projects from Dreadnought Resources. This acquisition is part of a strategic move to enhance its exploration portfolio. The transaction is structured with a $250,000 payment, shares in Catalina, and a potential $1,000,000 milestone payment. It includes a 1% net smelter royalty on a specific tenement. The completion of the deal is expected by January 2025, pending regulatory approvals. This acquisition allows Catalina to expand its exploration activities, while Dreadnought focuses on its Mangaroon Project, reinforcing its goal to become a self-funded explorer.

Executive commentary on acquisition

The divestment aligns with Dreadnought's strategic focus on its gold projects at Mangaroon, aiming to become a self-funded explorer.