Accelerate Resources Locks in 100% of Manganese Project Ahead of Maiden Drill
Key Takeaways
- Accelerate Resources (ASX: AX8) has executed binding agreements to consolidate 100% ownership of its 432km² Woodie Woodie North manganese project, with completion scheduled for 2 October 2026.
- Two share-only transactions totalling 55,000,000 AX8 shares permanently extinguish up to $2 million in cash milestone payments and 20 million shares in legacy vendor obligations — with zero cash leaving the company.
- The Area 42 corridor, hosting the largest portion of the existing 1.2 Mt at 19.1% Mn Inferred Resource, is now fully owned outright following acquisition of full legal title over tenements E45/5854 and E45/5088.
- Approximately 3,000 metres of maiden RC drilling at the Gingarrigan prospect is scheduled to commence in October 2026, targeting high-grade manganese mineralisation where surface sampling has returned results of up to 59.4% Mn across more than 200 outcrops.
- Following completion, Accelerate will have 1,466,188,712 shares on issue, with the 55 million consideration shares issued under existing ASX Listing Rule 7.1 placement capacity.
AX8 consolidates 100% ownership of Woodie Woodie North ahead of maiden drilling
Accelerate Resources (ASX: AX8) has executed binding agreements to consolidate 100% ownership of its 432km² Woodie Woodie North (WWN) manganese project in the East Pilbara, WA, with completion scheduled for 2 October 2026. The consolidation comprises two simultaneous share-only transactions that extinguish all vendor milestone payments, royalties, and reversionary rights across the project, with zero cash consideration payable under either deal.
The structural clean-up sets the stage for a maiden reverse circulation (RC) drill program at the Gingarrigan prospect, planned for October 2026.
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Two share-only deals that reshape the ownership structure
Both transactions are share-only, meaning no cash leaves the company under either agreement. Together, they deliver a single, unencumbered ownership structure across the full project footprint.
Transaction 1 — Full title over E45/5854 and E45/5088
Accelerate previously held exclusive manganese and iron ore rights over tenements E45/5854 and E45/5088 under a 2021 option agreement. This transaction, executed as a Tenement Sale and Purchase Agreement, delivers full legal title, all remaining mineral rights, and all historical mining information, and extinguishes any further claims including milestone payments, deferred consideration, royalties, and reversionary rights.
The counterparties are RH Resources Pty Ltd and Pardoo Resources Pty Ltd, wholly owned subsidiaries of First Development Resources PLC (FDR). Consideration is 25,000,000 fully paid ordinary shares issued to FDR as nominee of the sellers, subject to 12 months voluntary escrow from the date of issue.
E45/5854 hosts the Area 42 manganese corridor, where Accelerate is currently completing metallurgical studies evaluating both direct shipping ore (DSO) and dense media separation (DMS) processing pathways. On Completion, Accelerate will assume the existing heritage agreement with the Nyamal Aboriginal Corporation over E45/5854.
Transaction 2 — All milestone payments permanently removed
The second transaction is a Deed of Release and Deed of Termination executed with a group of seven unrelated vendors, terminating the legacy agreements under which WWN tenure was originally assembled. The terminated agreements covered tenements E45/5942, E45/5907, E45/5978, and E45/5979, together with the original manganese and iron ore option over E45/5854 and E45/5088.
Those legacy agreements carried future milestone payments of up to $2 million cash and 20 million AX8 shares, triggered by resource definition and development milestones. On Completion, all milestone payments, deferred consideration, royalties, options, and reversionary rights under these agreements will be permanently released.
Consideration is 30,000,000 fully paid ordinary shares issued across the seven vendors, with 11,970,000 shares subject to six months voluntary escrow. The transaction includes a full and final mutual release of all claims.
Transaction Summary
| Purpose | Counterparty | Consideration | Cash Payable | Voluntary Escrow |
|---|---|---|---|---|
| Acquire 100% of E45/5854 and E45/5088 | RH Resources and Pardoo Resources (FDR subsidiaries) | 25,000,000 shares | Nil | 12 months (all shares) |
| Remove all project milestone payments | Seven unrelated vendors | 30,000,000 shares | Nil | 6 months (11,970,000 shares) |
What 100% ownership means for AX8 shareholders
For junior explorer shareholders, consolidated ownership is more than an administrative tidying-up exercise. When a company makes a discovery and pre-agreed milestone payments or reversionary rights are owed to prior vendors, those obligations directly dilute the reward for existing shareholders. Removing them before a drilling program — rather than after a discovery — preserves maximum upside.
With both transactions scheduled to complete on 2 October 2026, Accelerate will hold 100% of a 432km² manganese package unencumbered by any third-party claims. The practical benefits for shareholders include:
- Full value capture: all upside from discovery, resource growth, and development is retained by Accelerate shareholders
- No success penalties: resource upgrades and development decisions will no longer trigger vendor cash payments
- Simplified ownership: a single consolidated structure supports offtake, funding, and partnering discussions
- Full control: the company alone sets the pace of exploration, permitting, and development
- Simpler administration: a single holder across the project reduces cost and complexity
CEO and Managing Director Luke Meter framed the significance of the move:
Luke Meter, CEO and Managing Director
“This is a decisive simplification of the Woodie Woodie North ownership structure. On Completion, we will own the Area 42 corridor outright and every remaining milestone payment across the project will be extinguished, with no cash leaving the Company. From that point, all manganese we discover and develop at WWN will belong solely to Accelerate shareholders. With the ownership structure being consolidated, our focus turns to the drill rig at Gingarrigan, where around 3,000 metres of RC drilling will test high-grade manganese at surface for the first time.”
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Maiden drill program and what’s next for Woodie Woodie North
With ownership set to consolidate on Completion, attention turns to the maiden RC drill program at the Gingarrigan manganese prospect. Approximately 3,000m of RC drilling is planned and scheduled to commence in October 2026.
Recent mapping has identified more than 200 manganese outcrops across the Gingarrigan and El Largo areas, with rock chip sampling returning results of up to 59.4% Mn. The program will test the continuity of this surface mineralisation at depth and along strike, with the potential to define a second resource area alongside Area 42.
The high-grade manganese outcrops at Woodie Woodie North span the Gingarrigan and El Largo trends, with surface sampling confirming grades competitive with the best-known East Pilbara manganese corridors ahead of the first drill test.
The existing Woodie Woodie North project already hosts a maiden Inferred Mineral Resource Estimate (MRE) of 1.2 Mt at 19.1% Mn at a 15% Mn cut-off, underpinned by RC drilling campaigns across Barra North (Area 1), Barra South (Areas 3 and 4), and Area 42. An Exploration Target of 5.3–10.7 Mt at 10–19% Mn has also been defined across the project.
Cautionary Statement: The potential quantity and grade of the Exploration Target described in this announcement is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource in accordance with the JORC Code (2012), and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target is not being reported as part of a Mineral Resource or Ore Reserve. Importantly, the Exploration Target does not include the Gingarrigan or El Largo Trends.
Table 1 — Woodie Woodie North Mineral Resource Estimate
| Area | JORC Classification | Tonnes (Mt) | % Mn | % Fe |
|---|---|---|---|---|
| Area 1 | Inferred | 0.04 | 17.2% | 14.6% |
| Area 3 | Inferred | 0.3 | 17.5% | 20.1% |
| Area 4 | Inferred | 0.2 | 16.1% | 21.8% |
| Area 42 | Inferred | 0.7 | 20.7% | 15.6% |
| TOTAL | Inferred | 1.2 | 19.1% | 17.6% |
MRE based on the November 2023 estimate (JORC 2012), last reviewed 10 March 2026. Mineral Resources reported at a cut-off of 15% Mn. Totals may not sum due to rounding.
The upcoming newsflow sequence is expected to be:
- Commencement of maiden RC drilling at Gingarrigan (October 2026)
- Area 42 metallurgical results on DSO and DMS processing pathways
- Gingarrigan assay results
The 55,000,000 total consideration shares will be issued under the company’s existing placement capacity under ASX Listing Rule 7.1. Following Completion, Accelerate will have 1,466,188,712 shares on issue.
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