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Highlights
- Catalina is acquiring 100% of the Breakaway Dam Copper Project, a drill-ready copper-dominant VMS system with confirmed sulphide mineralisation.
- The company is divesting Laverton assets to Forrestania Resources, to redeploy management and capital focus towards Central Yilgarn.
- The company has secured USD 0.5 million placement with Newcam Minerals Pty Ltd via 7,246,376 shares at USD 0.069.
- The company has also acquired 100% of Auric North Pty Ltd for district-scale gold portfolio (~45,000 ha) in Mid-West WA.
Catalina Resources Limited (ASX:CTN) has announced a strategic portfolio repositioning with the acquisition of the Breakaway Dam Copper Project and the divestment of its Laverton assets. The transaction, completed with ASX-listed Forrestania Resources Limited (ASX:FRS), marks Catalina’s entry into a copper-dominant volcanic massive sulphide (VMS) system.
The Breakaway Dam acquisition provides Catalina with 100% ownership of a drill-ready copper project, supported by recent diamond drilling and a clear pathway for staged exploration growth. The move aligns with the company’s broader strategy of building a balanced and scalable exploration portfolio, as highlighted by company’s executive director, Ross Cotton.
Breakaway Dam: A Drill-Ready Copper Opportunity
Breakaway Dam is a copper-dominant VMS system with confirmed sulphide mineralisation. Recent diamond drilling intersected high-grade and broad copper sulphide zones.
Data source: Company update
All drillholes successfully intersected copper-bearing sulphides within the VMS horizon, confirming geological continuity. DHEM surveys have identified additional conductors, underpinning a compelling pipeline of follow-up targets along strike and at depth.
Under the agreement, the company will acquire the project through an equity-based consideration, subject to shareholder and regulatory approvals. The structure includes the issue of ordinary shares and multiple tranches of options, providing a scalable funding pathway aligned with future value creation. The absence of cash consideration preserves Catalina’s balance sheet flexibility while limiting near-term dilution.
New Gold Growth Platform in the Mid-West
Alongside the copper acquisition, the company has executed a binding agreement to acquire 100% of Auric North Pty Ltd. The Auric North portfolio comprises a contiguous, district-scale landholding across Western Australia’s Mid-West gold districts, covering approximately 45,000 hectares.
The portfolio includes multiple drill-ready targets and historical gold intercepts of up to 10 metres at 1.43 g/t gold, including 5 metres at 2.7 g/t gold. Located near established mining operations and major shear systems, the acquisition provides Catalina with a second major exploration hub and flexibility to expand its gold footprint.
CTN Executive Director Ross Cotton stated, “The acquisition is low-cost and gives the Company full flexibility while we continue advancing our 20,000m RC program at Evanston and Yerilgee.”
Consideration for Auric North includes USD 45,000 cash, USD 75,000 in CTN shares, USD 125,000 facilitation fee in shares, plus assumption of royalties.
Strategic Divestment of Laverton Assets
Catalina has divested its non-core Laverton Project to Forrestania Resources under a binding asset swap agreement, transferring three exploration licences (E38/3697, E38/3698 and E38/3847) within the Laverton Gold Province. The transaction forms part of Catalina’s portfolio rationalisation strategy, enabling the company to redirect capital and management focus to Central Yilgarn, where it is currently undertaking an active ~20,000m drilling program across the Yerilgee and Evanston project areas.
Funding and Forward Focus
Catalina has also secured a USD 0.5 million placement with Newcam Minerals Pty Ltd, strengthening its balance sheet and supporting near-term exploration activities.
CTN Shares Rally
Following the update, CTN shares were trading 4.88% higher at AUD 0.086 per share at the time of writing on 13 January 2026.
