Capricorn has committed to up to $1.5m in contingent milestone payments to Sabre.
As part of the deal, Sabre received an initial A$100,000 cash deposit and an additional A$1.5 million in Capricorn shares. A further payment of A$250,000, in cash or shares, is due by May 9, 2026, or upon the start of a drilling program, bringing the initial transaction value to A$1.85 million. Royalty agreements include a 1% net smelter return (NSR) on minerals extracted from five of the six tenements, with a 1.5% NSR for tenement E59/2402.
Sabre Resources CEO Jon Dugdale stated: “Sabre is delighted to have completed the sale of the Ninghan Gold Project to Capricorn Metals and to have received A$1.5m of Capricorn shares in addition to the A$100,000 previously paid.” He added: “A further payment of A$250,000 in cash or Capricorn shares on the earlier of a drilling programme commencing, or 9th May 2026, takes the initial transaction value to A$1.85m. This puts Sabre into a very good financial position to advance its core exploration projects and seek other opportunities.”
Capricorn Metals has also committed to up to A$1.5 million in milestone payments, including A$750,000 upon declaring a JORC-compliant mineral resource estimate exceeding 50,000 ounces of gold and another A$750,000 upon deciding to commence commercial mining. These contingent payments provide Sabre with potential future benefits tied to the project’s success.
Covering approximately 77km², the Ninghan gold project is located 20km north-north-east of Capricorn’s Mt Gibson gold project. Capricorn has identified seven exploration targets within the tenements, indicating potential for further development in the region.
The sale enables Sabre to focus on its core exploration initiatives while retaining exposure to the Ninghan project’s future success through royalties and milestone payments. For Capricorn, the acquisition enhances its portfolio in a promising gold-rich area, supporting its growth in Western Australia’s mining sector.
