Omanghana
Canadian-listed Waraba Gold Limited has signed a binding agreement to acquire an 80% stake in Leo Resources SARL, which holds the PR-683 gold exploration license in northern Côte d’Ivoire.
The all-cash deal is valued at up to A$5 million, approximately US$3.3 million, with payments spread across several stages. Completion remains subject to approval from Côte d’Ivoire’s Minister of Mines, Petroleum and Energy.
Under the agreement, Waraba will pay an initial deposit of A$500,000, followed by A$1.9 million when the transaction closes. A further payment of up to A$2.3 million is conditional on the license being renewed or extended beyond its current expiry date of November 3, 2027.
Waraba will hold an 80% controlling interest in Leo Resources, while local partner SMEX will retain the remaining 20%.
The PR-683 license covers 212.66 square kilometers and directly borders Waraba’s existing Tengrela Project. Its acquisition would expand the company’s combined exploration holdings to approximately 1,000 square kilometers along the Boundiali greenstone belt.
The additional ground would connect Waraba’s holdings across a continuous 73-kilometre corridor between Resolute’s Syama mine camp and Perseus Mining’s Sissingué mine, providing a broader area for identifying and developing exploration targets.
The transaction also gives Waraba access to historical information covering 1,141 drill holes. Previous drilling at the Podio prospect returned an intercept of 10 metres grading 24.05 grams of gold per tone. At the Tiogo prospect, drilling conducted by Desert Metals in 2026 returned four metres grading 19.48 grams per tone.
These results provide a foundation for further exploration, although individual drill intercepts do not establish the size or commercial viability of a deposit.
The acquisition would consolidate Waraba’s position in northern Côte d’Ivoire, with the license renewal condition tying part of the purchase price to its ability to continue exploration beyond November 2027.
Source: Omanghana
