Western Tethyan Resources announces new financing from Newmont

January 28, 2025

Western Tethyan Resources Ltd (the “Company” or “WTR”) is pleased to announce a new financing from Newmont Ventures Limited through the Exploration Alliance with Ariana Resources.

Highlights:

  • Newmont to invest a further ~US$ 871k
  • Funding will come through Ariana Resources but will be managed and directed by WTR
  • The Alliance between Newmont, Ariana and WTR is in its third year of an initial period of five years, such period being mutually extendable with future funding requirements of the Alliance to be met by Newmont
  • To date WTR has spent approximately US$ 2.3 million of the initial US$ 2.5 million financing provided by Newmont in March 2022.

Mentor Demi, Managing Director of WTR, added: 

“We are very pleased with the progress and success of our Exploration Alliance with the world’s largest gold producer, Newmont Corporation. During the first two years of the Alliance, through the collection of regional baseline data (geological, geochemical and geophysical), we have generated more than 10 priority targets and for which we have applied for new exploration licenses. We have also drill tested our first project area, Hertica, and successfully outlined the presence of a Cu-Au-Mo mineralised system.

Through this financing and the ongoing financial and technical support from Newmont and Ariana as well, we plan to further develop these targets while continuing regional exploration work, generating new targets and advancing our existing project pipeline.”

Summary of Alliance

  • In the event the Alliance is successful in identifying a project of sufficient merit for further development by Newmont, such project will be transferred to a dedicated “Mining Company”, which will initially be held 100% by WTR.
    • Newmont has the option to invest a further US$1 million in the Mining Company over a further period of two years, enabling it to earn-in to 60% in such Mining Company.
    • Expenditure of a further US$15 million on a pre-feasibility study, which establishes a JORC or NI43-101 resource of over two million ounces of gold, will enable Newmont to earn-in to 75%.
    • Should Newmont decide to develop a mining project, funding will be on a pro-rata basis unless WTR elects not to contribute, in which case Newmont will earn-in to a maximum of 85%.
    • If either party withdraws from the Mining Company or dilutes below 10%, such party will relinquish its interest in return for a 2% NSR.
  • On conclusion of the Alliance term, and in the event that no Mining Company is established, Ariana, WTR and Newmont will each retain a copy of the Alliance Database, with Ariana granting a 1% NSR and WTR granting a 0.75% NSR to Newmont.

For further information, please contact:

Mentor Demi, President, CEO and Director

mentor.demi@wtrltd.com

+383 45 40 20 20

 

Qualified Person
Mentor Demi, EurGeol (License 1253), who is a CRIRSCO Competent Person and EurGeol Qualified Expert, has reviewed and approved the technical disclosure contained in this news release.

About Western Tethyan Resources
Western Tethyan Resources Ltd (“WTR”) is a UK registered, mineral exploration and Development Company focused on Southeast Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting major copper-gold deposits across the porphyry-epithermal transition. For further information on Western Tethyan Resources you are invited to visit the Company’s website at www.westerntethyanresources.com