ECR Minerals (LSE:ECR) is progressing its proposed acquisition of Paleogold, reporting over 94% acceptances and confirming that, on Completion, it will exercise Paleogold's option to acquire 50% of Lucky Strike, owner of the Maddens Flat Group of Mines.
The Board says the Transactions create a 10‑project, multi‑state Australian gold portfolio that moves ECR from an explorer and alluvial producer towards nearer‑term hard rock production and a seasoned operating team.
"We believe the remainder of the year will be even more exciting as the Completion of the Paleogold Transactions brings multiple projects closer to production," Chairman Nick Tulloch said.
As part of the deal, ECR will commit A$1 million to extend the decline at Maddens by ~120 million to access the next level, which the Board estimates could yield about 2,500 oz of gold, and ECR will hold a 50% interest post‑Completion.
Raglan, a fully permitted alluvial operation acquired in December 2025, is ramping up after wet‑season works and throughput is expected to build progressively through Q2 2026 while the larger Blue Mountain lease application is advancing.
ECR will also commit A$200,000 over six months to progress Salt Bush (20% interest post‑Completion) which the Board says could deliver in excess of 10,000 oz from near‑surface mineralisation, and will hold an 80% interest in Tuckanarra on Completion.
Further updates on Completion, gold production from Raglan and Maddens, and progress on Blue Mountain and other exploration programmes are expected in the coming months.
