Aquirian Shares Rise on Services Deal for Mount Ida Gold Operation

Aquirian (ASX:AQN) said on January 24 that its subsidiary Western Energetics has signed an agreement with privately held Aurenne Group Mining for the Mount Ida gold operation in Western Australia.

According to the company, it will provide an energetics and technology package for the operation.

"Through this partnership, we will supply a unique package of energetic products, initiating systems, and our innovative Collar Keeper drill technology, showcasing our commitment to a customer-focused approach,” said Aquirian Managing Director Greg Patching about the US$20 million agreement, which took effect on January 1.

Aquirian describes its Collar Keeper drill technology as a tailored solution that “not only optimises blast outcomes but also eliminates 'single-use' plastics, reduces costs, and enhances efficiency.”

The agreement between Western Energetics and Aurenne is set to run for three years.

Mount Ida is 20 kilometres north of Kalgoorlie and 90 kilometres northwest of Menzies.

Shares of Aquirian spiked following the news from Western Energetics, rising as high as AU$0.27 on January 24. That's a 50 percent increase from the company's closing share price the day before.

Aquirian was incorporated in 2017 and provides integrated solutions to the mining sector. Its subsidiary, Western Energetics, owns and operates the Wubin storage, logistics and energetics hub, which is 270 kilometres north of Perth.

Aquirian settled its purchase of Wubin from South Korean conglomerate Hanwha (KRX:000880) in March 2024.

Western Energetics continues to play a key role in delivering its strategy across a growing customer base.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.