Eminence Minerals Locks in Option on 1,508 km² Ivory Coast Gold Ground for Under US$500K
Key Takeaways
- Eminence has secured three exclusive options to earn up to 85% of five gold projects covering about 1,508 km² in Côte d'Ivoire.
- Total consideration through to 85% is roughly US$490,000, split US$255,000 cash and US$235,000 in EMA shares, with extra share payments only on drilling or resource milestones.
- Kounouman, Banandje and Tonkpi sit about 7 km, 10 km and 18 km from Aurum's BST1, Montage's Koné and Endeavour's Ity respectively.
- Only four permits (about 871 km²) are granted, and Eminence will prioritise Tarato, Banandje and Sarhala for compilation, geochemical sampling and field reconnaissance.
- Next catalysts are due diligence, Listing Rule 7.1 shareholder approval, permit grants and first field results, with no assay or drilling data reported yet.
Eminence secures exclusivity over 1,508 km² Côte d’Ivoire gold portfolio
Eminence Minerals (ASX: EMA) has entered into three exclusive option agreements to acquire up to 85% interests in five gold exploration projects covering approximately 1,508 km² in Côte d’Ivoire. It is a sizeable Côte d’Ivoire gold exploration footprint, secured through a staged structure that limits upfront spending.
The portfolio comprises four granted exploration permits covering approximately 871 km² and five exploration permit applications. The project areas below (154, 160, 451, 319 and 424 km²) include applications, so they do not sum to the granted total.
The five projects are:
- Tarato
- Kounouman
- Banandje
- Sarhala
- Tonkpi
Chief Executive Officer Anthony Hills described the deal as a “…significant strategic step for Eminence…”. For investors, the draw is breadth across several districts, paired with a structure that keeps early cash outlays small.
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Four projects beside producing mines and major deposits
Project snapshot
Tenure status matters here. Granted permits give a clearer path to field work, while applications remain subject to government approval.
| Project | Area | Tenure status | Nearby operation | Distance |
|---|---|---|---|---|
| Tarato | **154 km²** | Granted (PR1016, PR1026) | Tongon gold mine | ~**50 km** southwest to south-southwest |
| Kounouman | **160 km²** | Applications (PR1014, PR1017) | Aurum’s BST1 deposit (PR1017) | ~**7 km** |
| Banandje | **451 km²** | PR1047 granted; 1628DMICM application | Montage’s Koné Gold Project (PR1047) | ~**10 km** northwest |
| Sarhala | **319 km²** | Granted (PR1041) | Not stated in the announcement | Not stated |
| Tonkpi | **424 km²** | Applications (3518DMICM, 3576DMICM) | Endeavour’s Ity gold mine (3576DMICM) | ~**18 km** |
Distances are approximate and measured to permit and application boundaries using cadastre data dated 14 October 2026.
Neighbours’ scale
Aurum Resources (ASX: AUE) reported a JORC 2012 Mineral Resource near Kounouman of 107.5 Mt at 1.0 g/t Au for 3.22 Moz at its Boundiali Gold Project. Montage Gold announced first gold at Koné on 27 September 2026, while Endeavour reported 319,000 oz of gold from Ity in 2025.
These figures are context only. The announcement states that third-party results are not evidence of mineralisation within Eminence’s projects and do not guarantee discovery or comparable grades.
Artisanal workings found
In October 2026, the company’s field geologist recorded artisanal shafts, trenches and pits on granted permit PR1016 at Tarato and within the PR1014 application at Kounouman. Mapping and sampling will start at these workings.
No samples were taken and no gold has been assayed. The observations do not establish grade, continuity or economic significance.
How the staged earn-in works
Option structure explained
An option agreement gives a buyer the right, but not the obligation, to acquire an asset. In a staged earn-in, Eminence pays modest amounts, completes due diligence, and lifts its ownership step by step, to 30%, 50%, 70% and finally 85%.
If a Decision to Mine is made, the vendor may convert its remaining 15% interest into a net smelter return (NSR) royalty, a percentage of revenue from metal sold. The formula is 1% NSR for every 10% of equity converted, so converting the full 15% equals a 1.5% NSR, after which the vendor retains no project equity.
For you, the point is limited capital at risk before exploration results arrive.
Consideration at a glance
Each of the three vendors has its own price schedule. The figures below are per the announcement’s acquisition terms.
| Stage | Riverside Mining SARL (PR1041, PR1014) | Stargate Atlantis Minerals SARL (PR1047, PR1017, 1628DMICM) | Thoth Mining Inc. (PR1016, PR1026, 3518DMICM, 3576DMICM) | Interest |
|---|---|---|---|---|
| Exclusivity fee | **US$5,000** | **US$5,000** | **US$10,000** | n/a |
| Option exercise | **US$10,000** cash + **US$10,000** EMA shares | **US$10,000** cash + **US$10,000** EMA shares | **US$25,000** cash + **US$25,000** EMA shares | **30%** |
| Year 1 | **US$10,000** cash + **US$10,000** EMA shares | **US$10,000** cash + **US$10,000** EMA shares | **US$25,000** cash + **US$25,000** EMA shares | **50%** |
| Year 2 | **US$10,000** cash + **US$10,000** EMA shares | **US$10,000** cash + **US$10,000** EMA shares | **US$25,000** cash + **US$25,000** EMA shares | **70%** |
| Year 3 | **US$25,000** cash + **US$25,000** EMA shares | **US$25,000** cash + **US$25,000** EMA shares | **US$50,000** cash + **US$50,000** EMA shares | **85%** |
Aggregate consideration through the staged 85% earn-in, including exclusivity payments and excluding performance-linked consideration, is approximately US$490,000. That comprises US$255,000 cash and US$235,000 in EMA shares.
Shares issued as acquisition consideration are contemplated to be priced by reference to the higher of the 20-day volume-weighted average price (VWAP) and A$0.043.
Performance consideration
Further payments, in EMA shares only, depend on exploration success. Each tranche expires 5 years from execution of the option:
- Tranche 1: a drill intercept of at least 20 m at an average grade of at least 2.5 g/t Au within 150 m vertical depth below surface.
- Tranche 2: a drill intercept of at least 30 m at an average grade of at least 3 g/t Au within 100 m vertical depth below surface.
- Tranche 3: a maiden JORC Code (2012 Edition) Mineral Resource Estimate of at least 500,000 oz at a minimum grade of 1 g/t Au.
Tranches 1 and 2 are worth US$125,000 each in EMA shares at a 20-day VWAP for Riverside and Stargate Atlantis, and Tranche 3 is US$250,000. Thoth Mining’s amounts are double: US$250,000, US$250,000 and US$500,000.
Vendors are paid these amounts only if drilling or resource milestones are met, which ties their reward to results that would also matter to shareholders.
Each transaction is subject to satisfactory due diligence and shareholder approval under ASX Listing Rule 7.1, along with any other required approvals. No changes to the board or senior management are proposed.
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Exploration priorities and what comes next
Subject to completion of the proposed acquisitions and confirmation of access, Eminence intends to prioritise the granted ground at Tarato, Banandje and Sarhala. Initial activities are expected to include compilation and validation of historical datasets, geological and structural interpretation, field reconnaissance and systematic geochemical sampling.
The company is not aware of previous systematic exploration within the proposed acquisition areas. That does not establish that none has occurred. Environmental and social screening of the application areas has not yet been undertaken.
Anthony Hills, Chief Executive Officer
“…commence systematic field evaluation of the granted permits. This will allow us to rank targets objectively and focus exploration expenditure on the areas demonstrating the strongest technical support…”
What this means for investors
The structure offers exposure to an active gold jurisdiction at low upfront cost. The announcement cites recent transactions in Côte d’Ivoire, including Barrick’s agreement to sell Tongon and associated exploration interests to Atlantic Group for up to US$305 million, Resolute Mining’s US$150 million acquisition of the Doropo and ABC projects, and Montage Gold’s US$170 million acquisition of African Gold Limited.
Next catalysts to watch include due diligence outcomes, shareholder approval, permit grants for the applications, and first field results. Exploration is early-stage, and no assay or drilling results have been reported.
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