Rincon Resources is selling a 90% stake in its West Arunta copper-gold project to Maverick Minerals Australia, retaining a free-carried interest until a mining decision is made.

The binding heads of agreement, announced 1 July 2026, gives Maverick control of Lyza Mining – the subsidiary holding eight tenements in Western Australia's West Arunta region. Rincon keeps a 10% stake and won't need to fund exploration going forward.

Maverick pays A$600,000 upfront – A$100,000 cash plus A$500,000 in shares at A$0.015 apiece, locked in a six-month escrow. Another A$500,000 in shares follows in two equal tranches: one after initial drilling, another after a secondary programme.

If exploration stalls – no initial programme within 24 months or secondary within 36 months – Rincon can buy back Lyza Mining shares for A$1, cutting Maverick's interest to 25% and restoring Rincon's control with a 75% stake.

The deal, subject to Maverick shareholder approval, is expected to close within two months.

Rincon technical director Michael Griffiths said the transaction secures cash and equity while shareholders retain upside from future exploration success. "This partial divestment paves the way for Rincon to dedicate further funds towards its Telfer South Gold-Copper Project," Griffiths stated.

The company recently sold its Laverton project to focus on Telfer South and Crackerbox – both considered high-priority exploration targets.

Maverick chairperson, Philip Re described the acquisition as an exciting expansion of the company's West Arunta interests, adding to its Viper project. Maverick is now incorporating the new tenements into its exploration plans for the region.