Spitfire Materials (ASX:SPI) and Aphrodite Gold (ASX:AQQ) have signed an agreement for a merger that will create a leading ASX listed gold company.
The mining merger will engage in highly prospective exploration and development portfolios across WA, Queensland and the Northern Territory.
The merging announcement says that the new company will be technically strong given its substantial resources inventory, as well as having an increased market profile, market capitalization and liquidity for shareholder across the two companies.
The combined entity plans to start aggressive drilling programs aimed at expanding the existing Mineral Resource at Aphrodite while establishing JORC resources at Mulwarrie.
The merged entity’s Australian gold strategy will be led by the highly successful management team responsible for Pilbara Minerals.
The unified approach is expected to strengthen board and management capability with the expansion of technical expertise.
Shares in Spitfire Materials (ASX:SPI) are trading 7.69% lower to 12 cents.