Capricorn Metals has agreed to divest its Big Springs gold project in Nevada, US, to Sentinel Metals for up to AU$26 million.
The structured multi-million-dollar deal consists of an initial AU $8.5 million cash payment and AU $5 million worth of fully paid ordinary shares in Sentinel.
These equity shares will be issued at a deemed price matched to Sentinel’s upcoming capital raising. A final AU $12.5 million component is structured as contingent consideration, payable to Capricorn upon the satisfaction of specific project milestones.
The Big Springs project, located in a premier American mining jurisdiction, originally joined Capricorn’s asset base in 2025 following its acquisition of Warriedar Resources.
The divestment allows Capricorn to narrow its focus entirely on its expanding Western Australian gold portfolio, which includes the producing Karlawinda project in the Pilbara and the advanced Mt Gibson development asset.
For Sentinel Metals, the addition of Big Springs enhances the company’s scale, project pipeline and positions it to attract a wider range of investors.
Additionally, Sentinel believes that the acquisition complements the company’s current focus on advancing the Columbia gold-silver Project in Montana.
The deal represents a transformational milestone for Sentinel, establishing the company as an emerging North American gold company with a combined mineral resource base of two million ounces of gold across two gold projects in US mining jurisdictions.
Sentinel Metals Managing Director Matt Herbert said: “Big Springs delivers an additional large scale, advanced gold asset in a Tier-1 jurisdiction with potential near-term production optionality and a pipeline of exploration and development opportunities that we believe can create significant long-term value for Sentinel shareholders.
“This is an opportunity that is consistent with Sentinel’s strategic focus as a North American gold company and fits well within our wheelhouse as an explorer and developer focused on advanced exploration assets in high-quality locations.”
Completion of the transaction remains subject to customary conditions precedent, including Sentinel successfully raising a minimum of AU$15 million in a new placement of shares at a 58 cents per share.
Sentinel is aiming to issue the shares and complete the acquisition in early September.
