Mila Resources Plc (LON: MILA) has completed the exercise of its option agreement with EMX Royalty, giving the company 100% ownership of three gold and copper exploration project areas in Queensland, Australia.
The portfolio comprises Yarrol, Mount Steadman and Mount Weary, the latter encompassing the Monal Gold-Copper Project. Completion follows the necessary Australian compliance and regulatory approvals.
Under the agreement, Mila will issue 7,096,774 new shares, valued at £110,000 based on a 30-day VWAP of 1.55p, to EMX. The shares will be subject to a 12-month lock-up.
Following admission of the new shares, expected on 17 August 2026, Mila will have 744.7 million ordinary shares in issue.
Executive Chairman Mark Stephenson described the acquisition as an important milestone, giving Mila full control of what it considers a highly prospective Australian exploration portfolio.
Attention now turns to Yarrol, where drilling is described as imminent, while regional exploration continues to identify additional targets.
Stephenson said Mila is entering a “highly active period” over the coming months as it advances its next phase of exploration work.
