Mila Resources (LSE:MILA), the Australia-focused gold and copper resource development company, has completed exercise of its option agreement with Elemental Royalty Corporation, formerly EMX Royalty Corp.
The move gives Mila full ownership of three project areas in Queensland: Yarrol, Mount Steadman and Mount Weary, the last of which contains the Monal gold-copper project.
"This is an important milestone for Mila, providing the Company with full ownership and control of a highly prospective portfolio of gold and copper exploration assets," said executive chairman Mark Stephenson.
He added that drilling at Yarrol is imminent, with regional work continuing to identify further high-quality targets.
The company first flagged the deal in an announcement on 31 October 2024, and completion followed compliance and regulatory approvals in Australia. Under the option terms, Mila will issue 7.1m new shares to Elemental, worth £110,000 based on the 30-day volume weighted average price of 1.55p per share to 30 October 2025. Those shares carry a 12-month lock-up from admission.
News Intelligence what this means for the company
Mila Resources has completed its option to acquire full ownership of three Queensland exploration projects—Yarrol, Mount Steadman, and Mount Weary (which hosts the Monal gold-copper project)—by issuing 7.1 million shares worth £110,000 to Elemental Royalty Corporation. The deal, flagged in October 2024, removes a third-party royalty claim and gives Mila sole control of the portfolio; the company signals imminent drilling at Yarrol and continued regional exploration.
Full ownership eliminates future royalty obligations to Elemental and simplifies project economics, but the £110,000 share issuance (0.95% dilution to a 744.66m share base) is modest. The material question remains whether Yarrol and Monal can deliver economic gold-copper resources; this deal removes friction but does not de-risk exploration risk itself.
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