In January 2025, Norton Gold Fields Pty Ltd (“Norton” or the “Company”) entered into an agreement with Australia-listed company Minerals 260 Limited (“Minerals 260”) to sell Bullabulling Gold Pty Ltd and Bullabulling Operations Pty Ltd (the “BAB Project”) for AUD 156.5 million in cash and AUD 10 million worth of Minerals 260 shares.

The BAB Project to be sold by Norton is located near Coolgardie in Western Australia, approximately 70 kilometers from Kalgoorlie, where Norton’s operations are based. Norton acquired the BAB Project in 2014 for approximately AUD 28 million. Following the acquisition, Norton conducted resource exploration and development preparations at the BAB Project, identifying gold resources of 60 million tonnes at 1.2 grams per tonne, based on the 2012 JORC Code. However, the BAB Project is located at a considerable distance from Norton’s two existing operational hubs, limiting its potential for asset synergy. Fully developing the site independently would require significant investment. After evaluation, Norton decided to postpone the development of the BAB Project.

To optimize asset allocation, focus on the construction and operation of existing production facilities, enhance cost control, and strengthen cash flow, Norton initiated the sale process for the BAB Project in 2022. According to the ASX announcement by Minerals 260 dated 14 January 2025, the transaction is subject to several conditions, including an equity raise by Minerals 260 and other conditions typical of a transaction of this nature.

Norton is a wholly-owned subsidiary of Zijin Mining. It is a gold producer with mining, processing and smelting operations and has two major operation centers: Paddington and Binduli. It operates an ultra-large heap leach project in Australia and is one of the largest gold producers in the country. Norton is located in the Kalgoorlie Gold Belt in Western Australia, with considerable exploration potential. In 2024, its gold production grew by more than 20% year-on-year. Norton will continue to implement management and technological optimizations and accelerate the exploration and extraction of low-grade and refractory gold resources. It will strive to reach a mining and processing capacity of more than 10 million tonnes per annum in the next two years.