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Critica (ASX:CRI,OTC Pink:VTMLF) and Ausgold (ASX:AUC,OTC Pink:AUSGF) said on Monday (June 23) that they have entered into a farm-in agreement for Critica's Kulin gold project in Western Australia.
Ausgold has the right to earn up to a 70 percent interest in Kulin over three years for a total of AU$610,000.
Critica will retain a 30 percent contributing interest in Kulin once the earn in is complete, alongside the right to convert to a 1.5 percent net smelter royalty when a decision to mine is made.
AU$250,000 will be paid by Ausgold within 18 months to earn a 51 percent stake, while the remaining AU$360,000 will be paid over the following 24 months to earn an additional 19 percent.
In addition to gold, Kulin reportedly holds nickel, copper and platinum-group metals.
The project is located approximately 230 kilometres east-southeast of Perth in Western Australia. It also sits approximately 75 kilometres northeast of Ausgold’s fully owned Katanning gold project.
In its own announcement about the news, Ausgold said the agreement with Critica represents a strategic step in expanding the company's regional footprint across the east of the Katanning greenstone belt.
“This new tenement complements our strong regional landholding surrounding our flagship Katanning Gold Project, which includes the Kulin Project as well as other advanced exploration prospects,” said Executive Chairman John Dorward, adding that the move also plays into the firm's regional production hub strategy.
For its part, Critica said the agreement forms part of its plan to hone its focus on is flagship Jupiter rare earths project, which is part of the broader Brothers project. A December 2024 maiden resource estimate for Jupiter outlines a global resource of 1.8 billion tonnes at 1,700 parts per million total rare earth oxide.
Ausgold will lodge the required program of work at Kulin in the first quarter of 2026. It will target high-priority gold-in-soil and trenching anomalies to unlock the project’s discovery potential.
Drilling at Kulin is planned to commence in the second to third quarter of 2026.
