GCX To Acquire Dante Nickel-Copper-Platinum Group Elements Project

GCX Metals Limited (“GCX” or “Company”) is pleased to advise that it has entered into a binding conditional agreement to acquire 100% of the issued capital in Dante Resources Pty Ltd (“Dante”). Dante holds a portfolio of West Australian exploration assets, including its flagship Dante Project located in the West Musgrave region. Subject to shareholder approval, consideration for the acquisition includes the issue of 50,000,000 ordinary shares and 60,000,000 performance shares in GCX which convert into ordinary shares subject to the satisfaction of certain performance milestones. Completion of the acquisition is subject to several outstanding conditions precedent.

Highlights:

• GCX has entered into a binding conditional agreement to acquire the Dante nickel-copper-platinum group elements (“Ni-Cu-PGE”) project located in the West Musgrave region of Western Australia.
• The West Musgrave region is a major metallogenic province and emerging major mining hub with BHPs $1.7 billion Nebo-Babel Ni-Cu-PGE mine development 15km to the south.
• The Dante Project contains advanced large-scale magmatic Ni-Cu-PGE targets and PGE-Au Reef targets, including ~23km of outcropping mineralised strikei grading an average of 1.1 g/t PGE3ii, 1.13% V2O5, and 23.2% TiO2, with grades up to 3.4 g/t PGE3.
• Dante has a clear pathway to drilling, with a signed Native Title Agreement with the Ngaanyatjarra Land Council and initial heritage surveys already completed.
• Extensive historical dataset including full coverage airborne electromagnetic (“EM”) and magnetics, over 3,000 auger drillholes, reverse circulation and diamond drillholes, ground EM and gravity.
• As part of the transaction, experienced geologist and resource company executive Mr Thomas Line will be appointed as Managing Director & CEO of GCX.

Incoming Managing Director and CEO, Mr Thomas Line said: “I’m excited to be joining the excellent team at GCX. Backed by its major shareholder, Tribeca Investment Partners, GCX is well-suited to support Dante’s projects through all phases of resource development.

“The Dante Project provides an unmatched opportunity to gain exposure to one of the worlds’ last major frontier metallogenic provinces, the West Musgrave region. Investors are increasingly looking for scale, materiality, long mine life potential and exploration upside, and Dante Project delivers all of this.

“The green-light Final Investment Decision by Oz Minerals (now BHP) to commence a $1.7 billion dollar mine development at Nebo-Babel just 15km south of Dante will bring substantial new infrastructure into the West Musgrave region, de-risk logistics and place GCX in a strategic position to fast-track potential discovery and development.

“Nickel and copper price outlook remains strong, and with the acquisition of these new assets, GCX is now well positioned to take advantage of growing demand for these green technology metals. PGE price outlook also remains strong with major supply issues arising in two of the world’s largest producing regions of the critical metals, South Africa and Russia.

“The team and I are already on the ground and we look forward to our maiden drill program at Dante.”

Figure 1. Dante Project location map displaying surrounding companies’ tenure and major deposits.

Introduction

GCX has entered into a binding conditional agreement to acquire 100% of the issued capital of Dante, which holds a portfolio of Western Australian exploration assets, including its flagship Dante Project (“Dante Project”) located in the West Musgrave region in close proximity to one of the world’s largest mining development projects, Nebo- Babel (BHP) (refer Figures 1 & 2).

The Dante Project contains large-scale magmatic Ni-Cu-PGE targets, including outcropping PGE-Au reefs (refer Figures 3 & 4) and is considered highly prospective for Nebo-Babel style and Julimar/Gonneville-style magmatic Ni-Cu-PGE deposits.

The proposed acquisition fits with GCX’s strategic focus on acquiring exploration assets with potential to host Tier- 1 deposits and complements GCX’s existing portfolio of Western Australian copper and gold exploration assets while presenting a positive diversification into nickel and platinum group elements. GCX’s existing Onslow Cu-Au Project in the Pilbara region of Western Australian has compelling iron oxide copper-gold (“IOCG”) targets that will be drill tested in the coming months.

As part of the acquisition, Mr Thomas Line will be appointed as Managing Director & CEO of GCX. Mr Line is an experienced geologist, project generator and executive with over 10 years’ experience in mining, exploration and resource development including his most recent role as CEO of Taruga Minerals Ltd (ASX: TAR).

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