About Spitfire Materials
Spitfire Materials (ASX: SPI) is an Australian gold company which has embarked on a strategy to build a substantial long-term gold business in Western Australia’s Eastern Goldfields through a combination of exploration, acquisition and strategic consolidation.
Spitfire completed a merger with ASX-listed gold developer Aphrodite Gold in early 2018, resulting in the acquisition of the 1.3Moz Aphrodite Gold Project, 65km north of Kalgoorlie – one of the more significant undeveloped gold assets in the Kalgoorlie district.
The large-scale Aphrodite Project forms the cornerstone of Spitfire’s gold consolidation strategy, with aggressive resource in-fill and extensional drilling programs planned for the first quarter of 2018 aimed at upgrading the resource as the foundation for development studies.
Aphrodite also offers outstanding synergies with Spitfire’s Mulwarrie Gold Project, located 65km away, where it has recently discovered significant high-grade primary gold mineralisation.
In June 2018, Spitfire signed a Merger Implementation Agreement (MIA) with Excelsior Gold Limited (ASX: EXG) to combine the companies by way of a court-approved Scheme of Arrangement. The merger will allow the two companies to realise the strong synergies that exist between their neighbouring North Kalgoorlie gold projects, which host a combined Mineral Resource inventory of over 2.1Moz – providing the critical mass to become a recognised mid-tier gold producer. Read the ASX Announcement.
Spitfire is well-funded to rapidly advance its portfolio of Australian gold projects, having completed a strongly supported $5.33M capital raising in early 2018. Other assets within its portfolio include the highly prospective Alice River Gold Project in North Queensland, the England Gold Project in the Laverton district of WA, and the Yoda Project in the Northern Territory.