Asra to Secure 100% Ownership of Mt Cutmore at Leonora North Gold Project

Asra Minerals Limited (ASX: ASR; “Asra” or “the Company”) is pleased to announce it has executed a binding Term Sheet (“the Agreement”) to acquire the remaining 49% interest in the Mt Cutmore prospects located at the Mt Stirling Leonora North Project (“the Project”) from its joint venture partners (Ross Crew, Russell McKnight and Christopher Crew) (“the Sellers”), subject to conditions precedent (“the Acquisition”).

Highlights

• Binding Term Sheet executed to acquire the remaining 49% of the Mt Cutmore prospects located at the Mt Stirling Leonora North Project subject to conditions, delivering 100% ownership upon completion.
• Consolidation of ownership aligns with Asra’s strategic focus to unlock further value within the Leonora Gold Project.
• Acquisition will strengthen Asra’s position in the renowned Leonora gold district, proximal to major operating mines and infrastructure.

The Project is situated in the Eastern Goldfields Super terrane of the Yilgarn Craton, where the area is known for orogenic gold deposits. The Project has a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au and is located within close proximity to significant gold mines, including Vault Minerals' 6Mtpa Au King of the Hills mine and Genesis Minerals' 2Moz Leonora and Kookynie operations.¹

Asra Minerals Chief Executive Officer, Paul Stephen:

“Securing 100% of the Mt Cutmore prospects within the Project will be a pivotal step for Asra. This consolidation will enhance our strategic footprint in a highly prospective and active gold region.

Following the recently announced raise and with drilling permits in hand, we will be well placed to commence drilling the compelling, high-priority targets. This transaction will streamline our portfolio and provide a clear pathway to unlock value for our shareholders through focused exploration in one of WA’s premier gold districts.”

The Transaction consideration comprises of $200,000 cash and the issue of 75,000,000 fully paid ordinary shares in Asra at a deemed issue price of $0.002 per share (“Shares”) upon satisfaction of the conditions precedent of the Agreement (refer to the summary of the Agreement below for further details). The issue of the Shares is subject to shareholder approval under ASX Listing Rule 7.1, which Asra intends to seek at its upcoming annual general meeting, scheduled to be held in late May 2025.

Figure 1. Mt Stirling Leonora North

Mt Stirling Leonora North Project

The Mt Stirling Leonora North Project is strategically located approximately 40km northeast of Leonora within Western Australia’s Eastern Goldfields. This region is renowned for hosting numerous multi-million-ounce orogenic gold deposits and significant mining operations.

The Project is situated just 5km from Vault Minerals’ (ASX:VAU) major 6Moz King of the Hills mine and its recently expanded processing hub, which is the largest in the Leonora district. It is also proximal to Genesis Minerals’ (ASX:GMD) extensive 2Moz Leonora operations. The Project currently hosts a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au. This Mineral Resource Estimate provides a valuable foundation for the Project and future exploration efforts aimed at expansion.

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