Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Riversgold uses option to acquire 80pc of Oracle's Northern Zone Project
(Sharecast News) - Oracle Power confirmed on Tuesday that Riversgold has exercised its option to acquire an 80% interest in the Northern Zone Project in Western Australia, having met the minimum spend requirement set out in the companies' heads of agreement. The AIM-traded firm said it would retain a 20% interest, and be carried on costs until the joint venture agreement was formalised, which was expected by 31 December.
Under the agreement signed in May 2023, Riversgold committed to spending at least AUD 0.6m (£0.3m) on exploration to earn its stake in the project, located 25 kilometres east of Kalgoorlie.
Riversgold would continue to manage operations and advance development, with a drill programme scheduled for 2025, a mining lease application already submitted, and a mineral resource estimate planned.
Oracle said it would not bear any costs until the joint venture agreement was finalised.
The timeline for formalising the arrangement had been extended to allow for the tenement's conversion to a mining lease.
"Riversgold has spent the minimum commitment required to exercise the exclusive option to acquire an 80% beneficial interest in the Northern Zone and will now carry Oracle up to formalising joint venture agreements by 31 December," said Oracle chief executive officer Naheed Memon.
"We now look forward to Riversgold continuing to add value to the project with further drilling to upgrade the tenement status to a mining lease."
Memon said that with gold prices per ounce currently above AUD 4,500 (£2,272) per ounce, the project was looking like a potential candidate for contract mining, trucking and toll milling operations.
"The aim is to build a robust mineral resource estimate (MRE) in the upper section of the porphyry to generate an economic starter pit and I look forward to providing further updates from Kalgoorlie in the coming weeks."
At 1212 GMT, shares in Oracle Power were down 4.71% at 0.02p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
