Industrial Minerals Locks in 15 Gold Licences Spanning 205km² in WA Goldfields
Industrial Minerals has completed its acquisition of Galleon Metals Limited, securing control of the Laverton Gold Portfolio — a suite of 15 exploration licences spanning approximately 205km² in Western Australia’s Eastern Goldfields. Shareholders approved the transaction at a general meeting held 21 August 2026, marking a strategic pivot toward gold exploration backed by board renewal and the appointment of a new Managing Director with direct project knowledge.
The completion coincides with leadership changes designed to align technical expertise with the company’s new asset base. Warrick Clent, a geologist with over 30 years of experience and direct knowledge of the Laverton project, steps in as Managing Director. The transaction positions IND to advance drill-ready gold assets in one of Australia’s most active and well-endowed gold districts.
Inside the acquisition and capital structure
The acquisition was executed through multiple equity issuances, all approved by shareholders at the general meeting. The breakdown tells you how the transaction was funded and what the board approved in exchange for the asset package.
| Equity Issue | Number of Securities | Terms/Price | Purpose |
|---|---|---|---|
| Vendor Consideration Shares | 46,666,667 fully paid ordinary shares | Not disclosed | Acquisition consideration to Galleon vendors |
| Tranche 2 Placement | 10,000,000 fully paid ordinary shares | 10c per share | Raised $1,000,000 before costs to satisfy conditions precedent |
| Director Performance Rights | 8,800,000 performance rights | Subject to vesting conditions | Issued to directors as approved incentive equity |
| Director Fee Shares | 5,700,950 fully paid ordinary shares | Issued in lieu of cash fees | Settlement of director remuneration |
The $1 million raised via the Tranche 2 Placement satisfied completion conditions and provides working capital to support the transition into gold exploration. A s708A Cleansing Notice, Appendix 2A, and Appendices 3G accompany the announcement. What this tells you is the transaction was structured to minimise immediate cash outflow while aligning director incentives with shareholder value creation through performance-linked equity.
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The Laverton Gold Portfolio explained
An exploration licence grants the holder the right to explore for minerals within a defined area, but not to mine them until further approvals are secured. The Laverton Gold Portfolio comprises 15 exploration licences covering approximately 205km² in Western Australia’s Eastern Goldfields, described in the announcement as one of Australia’s most active and well-endowed gold districts. The licences are characterised as drill-ready, meaning the tenure, access, and preliminary targeting work are sufficiently advanced to support immediate drilling programmes without extended permitting delays.
The Eastern Goldfields, and specifically the Laverton district, matter because of proximity to major resources and established infrastructure. The announcement notes the portfolio sits immediately adjacent to major gold resources, which tells you the geology has been proven in neighbouring tenements and the region is actively explored by well-funded operators. This reduces discovery risk relative to greenfield exploration in untested belts.
IND also retains a high purity quartz (HPQ) resource located on granted mining leases near key infrastructure. HPQ refers to quartz with extremely low impurity levels, suitable for advanced industrial applications including solar panel production and semiconductor manufacturing. The fact this asset sits on granted mining leases, rather than exploration licences, positions it closer to a production pathway — mining leases allow extraction once development approvals are secured.
The acquisition gives IND a scaled land position in a proven gold region, backed by drill-ready tenure and experienced operators working adjacent ground. What this means for your portfolio is exposure to exploration upside in a district with demonstrated endowment, not speculative first-pass greenfield drilling.
Board renewal brings gold exploration expertise
The board changes align technical leadership with the new gold-focused strategy. Warrick Clent has been appointed Managing Director, bringing over 30 years of technical experience in the mining industry, extensive gold exploration experience in the Eastern Goldfields of Western Australia, and direct knowledge of the Laverton Gold project. He holds a Bachelor of Science (Geology), a Graduate Diploma in Applied Finance, and is a member of the Australian Institute of Mining and Metallurgy. Mr Clent currently serves as a director of Connected Minerals Ltd (ASX:CML) and Corazon Mining Ltd (ASX:CZN).
Michael Dunbar joins as Non-Executive Director, contributing over 25 years of experience in mineral exploration, resource development, and mining projects across Australia and internationally. His corporate and technical background complements the existing board skillset.
Jeffrey Sweet steps down as Managing Director and continues as Non-Executive Director. Ashley Pattison remains as Non-Executive Chair. Alex Neuling and Melanie Leighton have resigned from the Board, with the company thanking both for their service.
New board line-up at a glance:
- Ashley Pattison — Non-Executive Chair
- Warrick Clent — Managing Director
- Michael Dunbar — Non-Executive Director
- Jeffrey Sweet — Non-Executive Director
Ashley Pattison, Non-Executive Chair
“On behalf of the Board, I am delighted to welcome Warrick Clent and Michael Dunbar to Industrial Minerals. Warrick brings more than 30 years of technical experience and direct knowledge of the Laverton Gold Portfolio, and Michael’s corporate and technical background complements the skills of the existing Board. Both appointments position the Company well as we move to advance our gold assets in the Eastern Goldfields.
I sincerely thank Alex Neuling and Melanie Leighton for their dedication and contribution to Industrial Minerals. Both have played important roles in bringing the Company to where it stands today, and we wish them every success in their future endeavours. I also thank Jeff Sweet for his leadership as Managing Director, having guided the Company from its listing through to the completion of the Galleon acquisition. We are pleased that the Board will continue to have the benefit of Jeff’s experience in his ongoing role as a Non-Executive Director.”
Material terms of Warrick Clent’s remuneration:
- Total Fixed Remuneration: $275,000 per annum (exclusive of superannuation)
- Performance Rights (shareholder-approved 21 August 2026): Tranche A 500,000; Tranche B 500,000; Tranche C 800,000; Tranche D 1,600,000
- Notice Period: 3 months by either party
The appointments tell you the board has prioritised operational execution over general corporate governance skillsets. Mr Clent’s direct knowledge of the Laverton project reduces ramp-up time and positions the company to move quickly on drill planning and target generation.
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What this means for investors
The completion marks a strategic pivot toward gold exploration, backed by aligned technical leadership and a drill-ready portfolio in a proven district. The combination of 15 exploration licences in the Eastern Goldfields, a new Managing Director with over 30 years of gold exploration experience and direct project knowledge, and immediate drilling capability positions IND to advance the Laverton Gold assets without extended permitting or learning-curve delays.
What this tells you is execution capability has been prioritised over exploration potential alone. Mr Clent’s direct knowledge of the Laverton project and his existing relationships in the Eastern Goldfields reduce the risk of slow or misallocated drilling campaigns. The board renewal signals the company intends to move quickly on advancing the gold assets rather than conducting extended desktop studies.
The retained HPQ resource on granted mining leases near key infrastructure remains a secondary asset, offering optionality should the company choose to advance it alongside the gold portfolio. The proximity to infrastructure and the granted mining lease tenure reduce development risk relative to greenfield projects requiring new approvals.
The $1 million raised via the Tranche 2 Placement provides working capital to support the transition into gold exploration. What you need to watch now is how quickly the company releases drill targeting plans and whether Mr Clent’s direct project knowledge translates into early drill success in the Eastern Goldfields.
Authorised for release by Natalie Madden, Company Secretary.
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