PC Gold (ASX:PC2) subsidiary TM Gold struck a deal with JSM Mining to acquire the last third-party mining leases within its Spring Hill gold project in the Northern Territory for AU$6.5 million, according to a Thursday filing with the Australian bourse.
The consideration includes AU$4.5 million in cash, funded from existing reserves, and AU$2 million worth of PC Gold shares, per the filing.
At the deal's expected completion on or after Dec. 8, PC Gold will be the sole title holder across the development footprint, which will simplify approval pathways and remove third-party interests from the ground underpinning project financing ahead of a pre-feasibility study.
Additionally, TM Gold lodged an application with the Northern Territory Department of Mining and Energy for mining lease 34541 covering about 443.2 hectares of new ground. If granted, this will expand Spring Hill's mining lease footprint by around 43% to support a longer life operation, the company said.