White Cliff Minerals (ASX:WCN) completes Great Bear Project divestment

White Cliff Minerals has completed the divestment of its Great Bear Project to Great Bear Exploration Limited (ASX: GBL), receiving both cash and share consideration as part of the transaction.

The move consolidates WCN’s balance sheet and refines its strategic focus on copper exploration at Rae, while retaining a significant equity interest in the divested project.

Highlights

• Transaction completed; all conditions satisfied.
• Cash received: A$1.2m.
• Share consideration: 230,000,000 fully paid GBL shares (equivalent to A$4.6m).
• In specie distribution: 97,583,332 GBL shares allocated to eligible WCN shareholders.
• Ongoing exposure: WCN retains 69,804,985 GBL shares, representing 9.99% of issued capital.

The divestment provides WCN with immediate liquidity through the A$1.2m cash consideration while maintaining exposure to the Great Bear Uranium, Copper, Gold and Silver Project via its retained shareholding.

Eligible WCN shareholders received a portion of the GBL shares directly, while WCN continues to manage shares allocated to ineligible shareholders under a 24-month escrow arrangement as required by the ASX conditions for GBL’s re-admission, ensuring compliance with the official listing rules and protection of shareholder entitlements.

Strategically, the transaction allows WCN to concentrate on the Rae copper project, which hosts multiple high-grade copper occurrences, exhibits all first-order geological controls for a sediment-hosted copper deposit, and where historical drilling at Danvers recorded a resource estimate of 4.16 million tons at 2.96% Cu.

Recent maiden drilling returned intercepts including 175m @ 2.5% Cu & 8.66g/t Ag, 90m @ 4% Cu & 7.5g/t Ag, 58m @ 3.08% Cu & 13.3g/t Ag, and regional step-out drilling at Danvers 2 and Danvers 3 returned 15m @ 4.8% Cu and 20m @ 6.64% Cu, respectively, demonstrating the emergence of a large copper system within the project area.

White Cliff Managing Director Troy Whittaker commented:

“The completion of the Great Bear Project sale marks a transformational milestone for the Company and sharpens our strategic focus on unlocking the significant copper potential at Rae. With an additional A$1.2 million in the bank, we are further reinforcing our balance sheet and positioning the Company to accelerate exploration momentum across both the Danvers and Sedimentary targets.”

The combination of cash proceeds, in specie distributions, and retained equity exposure positions WCN to focus capital and operational attention on advancing copper exploration at Rae.

The company can now accelerate drilling programs across the Danvers and Sedimentary targets with a strengthened balance sheet supporting ongoing operational requirements.

Retaining a 9.99% equity stake in Great Bear Exploration also allows WCN to benefit from the ongoing development of the divested project while maintaining strategic optionality.

Collectively, these measures provide a platform for WCN to systematically advance its exploration objectives and pursue long-term value creation in one of the world’s leading mining jurisdictions.

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