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Highlights
- Platina Resources has signed a binding conditional Farm-in and Joint Venture agreement with NE Minerals Pty Ltd for the Brimstone Gold Project in Western Australia.
- NE Minerals can earn up to an 80% interest in the project by funding exploration and development activities over a three-year period.
- Platina Resources will retain a 20% interest in the project after the earn-in phase and subsequent formation of a joint venture.
- Initial drilling programs and technical studies are expected to commence within the first year of the agreement period.
Platina Resources Limited (ASX:PGM) has executed a binding conditional Farm-in and Joint Venture Term Sheet with NE Minerals Pty Ltd (NEM) in relation to the Brimstone Gold Project in Western Australia. The agreement outlines a pathway for NEM to advance exploration and development activities at the project over the next three years.
The company stated that a recent strategic review concluded that, while the Brimstone project continues to offer exploration potential, the asset does not align with the company’s current focus on pursuing large-scale Tier 1 discovery opportunities.
The agreement allows a technically experienced and financially backed partner to progress the project through an extensive work program without additional costs to Platina shareholders. At the same time, the company will maintain exposure to future exploration, development, and production outcomes through its retained interest in the project.
NEM to Fund Exploration and Development Activities
Under the agreement, NEM may acquire an 80% interest in the Brimstone tenements by fully funding all exploration, evaluation, and development activities through to any Decision to Mine within a three-year period.
The scope of work includes drilling programs, technical and economic studies, regulatory approvals, and maintaining the tenements in compliance. As part of the arrangement, PGM will complete Mining and Cultural Heritage agreements, with associated costs covered by NEM.
Following the earn-in phase, the parties will establish an unincorporated joint venture, with PGM holding the remaining 20% interest. Future project expenditures will then be shared on a pro-rata basis.
Exploration Program Expected to Begin Soon
Exploration activities are expected to begin in the near term, with initial drilling programs and technical studies planned during the first year of the earn-in period. The parties are also set to complete binding agreements as part of a 60-day due diligence and exclusivity process.
About the Brimstone Project
The project is located approximately 40km north-east of Kalgoorlie and comprises a contiguous tenement package spanning around 70km². The asset includes a Mining Licence covering the advanced Garibaldi prospect.
Previous drilling at Brimstone identified gold mineralisation, including high-grade zones, supporting continued exploration and development activities at the site.
The agreement provides a framework for advancing the Brimstone Gold Project through funded exploration and development programs while enabling Platina Resources to retain ongoing participation in the project. With drilling and technical studies planned in the coming months, the partnership marks the next phase of activity for the Western Australian gold asset.
PGM shares were trading at AUD 0.022 per share at the time of writing on 25 May 2026.
