M&A

Moneghetti adds Tropicana-style geology ahead of IPO

ARDEA Resources has vended non-core leases at Bedonia East to pure gold play explorer Moneghetti Minerals for the promise of IPO shares and a production royalty.

There is still exploration potential around Norseman.

There is still exploration potential around Norseman.

Moneghetti is looking to list mid-year with at least three projects in tier one jurisdictions: two in the US and one in Western Australia.
 
Bedonia East covers a portion of Ardea's wider Bedonia project.
 
Located east of Norseman, the four leases that comprise Bedonia East sit along the Jerdacuttup and Cundeelee Faults, located over the southeast margin of the Eastern Goldfields and the start of the Albany-Fraser Zone.
 
The area sparked some interest early last decade for its nickel sulphide potential after Sirius Resources made the nearby Nova discovery, but Moneghetti managing director Anna Nahajski-Staples said there had been minimal exploration since the Tropicana gold deposit was discovered in a similar geological setting in the early 2000s.
 
That's despite a number of soil anomalies and the early-stage Cleanthes and Leila prospects waiting for additional work.
 
Moneghetti will start covering the tenement holding costs for the four leases. 
 
Assuming it is satisfied with due diligence, and successfully raises at least A$4 million, Moneghetti will issue Ardea $300,000 worth of shares and a 1.5% net smelter royalty, which can be extinguished for $2 million in cash or shares at Area's election. 
 
In October, the company took up an option over Orogen Royalties' Ecru project along the Battle Mountain-Eureka Trend, where there is potential for Carlin-style gold deposits, replacing Sirius' spin-off S2 Resources, which walked due to COVID reasons.
 
Moneghetti is also completing final due diligence on a gold exploration project in the Long Canyon region of Nevada.
 
Both deals are expected to close this quarter.
 
Moneghetti was founded by Nahajski-Staples. Its team includes technical director Karen Lloyd, Acorn Capital's Karina Bader, and new non-executive chair Melanie Leydin. 
 
The company raised $480,000 of seed funding at 8.5c last year.
 
Ardea remains focused on its large Kalgoorlie nickel project and overlapping Bardoc Tectonic Zone.
 
Ardea shares were up 2% on the news to 52c, capitalising the company at $66 million. 

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