Sunshine Metals Ltd. has completed its acquisition of the Mt Moss operation in North Queensland, setting an advanced foundation for its transition into a gold producer from the Liontown project.
The transaction was finalised for a cash consideration of AU$18 million, comprising an upfront payment of AU$8 million and AU$10 million in deferred cash.
The acquisition hands Sunshine full rights to a fully permitted processing site and regional mining infrastructure located within a highly prospective 7-square-kilometre mining lease and 753-square-kilometre exploration zone.
The existing 300,000-tonne-per-annum magnetite processing plant will be retrofitted with a custom gold circuit featuring leaching, elution, and refining systems.
Detailed engineering and plant design work through Detech Engineering is progressing rapidly toward an August completion date. Full refurbishment and gold circuit construction are scheduled to kick off between September and October this year.
Sunshine is aiming for first gold processing from its flagship Liontown Project, located 220 kilometres away, by mid-2027.
The company’s 28-room on-site accommodation camp has been brought back to life following minor plumbing and electrical works, and is now fully operational to host exploration teams and incoming refurbishment contractors.
Sunshine Managing Director Damien Keys said: “The acquisition provides Sunshine with a permitted processing site and existing infrastructure that will underpin the company’s planned transition to gold production from the Liontown project in 2027.
“Our team is working closely with local engineering, metallurgical and environmental firms to ensure we are construction-ready as soon as possible.”
The company remains well funded to advance its immediate milestones after pulling in AU$19 million through a share placement and an oversubscribed AU$7.6 million share purchase plan.
Advanced discussions are also underway with debt providers to lock in project financing for the primary construction phase.
A busy pipeline of activity is slated for the coming weeks, including an upgrade to the shallow gold resource at Liontown and the launch of a highly anticipated drilling program at the nearby Sybil Gold Project in early July.
