Antler Gold Inc. has finalised a definitive agreement with Fortress Asset Management LLC for the Erongo Central Gold Project in Namibia.
The deal, valued at a total of US$11.5 million (N$200 million), includes US$5.5 million in consideration and an additional US$6.0 million allocated for exploration expenditures.
Under the agreement, Fortress will acquire up to a 100% interest in the project from Antler Gold Namibia (Proprietary) Limited.
Antler will retain a 2% net smelter return royalty and will continue as the project’s operator.
This move positions Antler to leverage both immediate exploration results and future production potential.
Antler CEO Chris Drysdale said the company received shareholder approval for the transaction at its annual and special meeting held on 15 July 2024.
“Finalising this agreement creates significant value for Antler Gold and our shareholders, positioning us to benefit from both near-term exploration outcomes and long-term production potential. Our project generation team has been diligently working, and we are eager to apply the same approach to future projects,” he said.
This comes after Antler Gold had entered into a binding letter of intent (LOI) with Fortress Asset Management to sell its interest in the Erongo Central Gold Project.
The LOI included a total consideration of US$5.5 million and exploration expenditures of US$6 million.
“The previously announced binding letter of intent has now been superseded by the Definitive Agreement, under which Fortress can acquire from Antler Gold Namibia (Proprietary) Limited up to a 100% interest in the project,” said the CEO.
The Erongo Gold Project includes four active Exclusive Prospecting Licenses (EPLs 6162, 7261, 6408, and 8010) and one application (EPL 9534), covering 19,514.44 hectares (~195 km2) in the South Central Zone of the Damara Belt.
The project is near the 3.2 Moz Twin Hills Gold Project (Yintai Gold Corp.) and QKR’s Navachab Gold Mine.
