Aureka Limited announced on 7 September 2026 that it has agreed to acquire an operating underground gold-silver mine and processing mill in Victoria through a binding share sale agreement.
Mine and mill transaction
The proposed acquisition of High Grade Holdings would give Aureka ownership of the Fiddlers Creek underground mine, the Wedderburn Gold Processing Mill and about 39 square kilometres of exploration ground at Percydale.
Fiddlers Creek restarted production in 2025 and currently supplies ore to the Wedderburn mill. The plant has stated capacity of about 42,000 tonnes a year and uses gravity and flotation to produce a gold, silver and base-metals concentrate under an offtake arrangement. It is also licensed for third-party toll treatment and has spare capacity.
The base consideration is $8.9 million, comprising $2.5 million in cash and $6.4 million in Aureka shares, plus reimbursement of a $500,000 rehabilitation bond. Up to $2 million in additional payments may become payable if specified operating and development milestones are achieved over three years.
Funding and operating team
Aureka has received commitments for a two-tranche $5.65 million placement and plans a matching share purchase plan at 12 cents a share. Completion of the acquisition remains subject to conditions precedent.
The company expects the operations to sit under recently appointed chief operating officer Zane Smith. Current Fiddlers Creek superintendent Toby Houldsworth is expected to remain with the operation, while eligible employees of the acquired group are expected to be invited to participate in Aureka’s employee incentive arrangements.
Next work program
Aureka is required to complete at least 1,800 metres of drilling on the acquired tenements and intends to work towards JORC-compliant mineral resource estimates. The company said the acquisition would combine near-term mining and processing activity with additional exploration exposure in the Victorian goldfields.
Source: Aureka Limited, “Victorian Mine and Mill Acquisition - Placement and SPP”, 7 September 2026.