Uvre completes New Zealand gold asset acquisition, kicks off drilling strategy near Waihi

How does Uvre’s completed acquisition of Otagold set the stage for its New Zealand gold exploration expansion?

Uvre Limited (ASX: UVA) has formally completed its acquisition of Minerals Exploration Limited (MEL), securing full ownership of New Zealand gold explorer Otagold Limited and a 332 square kilometer portfolio of highly prospective exploration ground. The transaction closed on 14 July 2025, following shareholder approvals and a parallel A$4 million equity raise. Uvre issued 75 million fully paid ordinary shares to the MEL vendors at a deemed price of A$0.08 per share, valuing the deal at A$6 million. These shares are subject to a 12-month voluntary escrow period.

Otagold’s assets include the flagship Waitekauri Gold Project—an underexplored brownfields site situated just 8 kilometers from OceanaGold Corporation’s (TSX: OGC) 10-million-ounce Waihi gold mine in New Zealand’s Hauraki goldfield. This proximity, combined with initial rock chip assays showing up to 18.4 grams per tonne (g/t) gold with visible gold, has positioned Waitekauri as a priority target for Uvre’s first drilling campaign under its expanded exploration strategy.

The transaction also brings strategic leadership changes to the Australian mineral exploration company, with mining veterans Norman Seckold and Peter Nightingale joining Uvre’s board as non-executive directors. Both were major MEL shareholders and contributed a combined A$600,000 to the equity raise, aligning board interests with long-term project outcomes. Former directors Steven Wood and Peter Woods have stepped down following the board refresh.

What makes Waitekauri one of the most promising brownfields gold plays near OceanaGold’s Waihi mine?

Waitekauri covers approximately 5,811 hectares in the Hauraki goldfield, a region that has historically produced more than 10 million ounces of gold. The tenement hosts an 18-kilometer mineralized corridor anchored by three key prospects: Scotia, Sovereign, and Jubilee. Of particular interest is Jubilee, which historically produced around 29,000 ounces at an average grade of 48g/t Au+Ag and is interpreted to be a structural extension of the Karangahake system.

Despite the area’s rich geological pedigree, much of Waitekauri remains significantly underexplored. Historical drilling, conducted by previous operators including Laneway Resources and Cyprus Gold New Zealand, was shallow and limited in scope. Only three out of ten recorded drill holes penetrated beyond 250 meters in depth. Uvre believes this leaves significant upside at depth, especially considering Waitekauri’s geological similarities to Waihi and the nearby 2Moz WKP deposit discovered by OceanaGold in 2017.

With landowner agreements in place, Uvre is now preparing to initiate an eight-hole drill program designed to test bonanza-grade low-sulphidation epithermal veins across the project’s key targets. The campaign is expected to be supported by systematic geochemical sampling, relogging of historical drill core, and geophysical reinterpretation using 3D modeling.

What does the addition of Norman Seckold and Peter Nightingale signal for Uvre’s strategic direction?

The appointments of Norman Seckold and Peter Nightingale to Uvre’s board signal a clear transition from early-stage explorer to potential project developer. Seckold, a well-known resource financier, brings over four decades of experience and currently serves as chairman of Alpha HPA Limited (ASX: A4N), Nickel Industries Limited (ASX: NIC), Fulcrum Lithium Limited (ASX: FUL), and Sky Metals Limited (ASX: SKY). Nightingale, a chartered accountant with extensive corporate governance experience, has overseen financial operations for listed companies in both Australia and the United States.

Together, Seckold and Nightingale bring a depth of technical, financial, and operational expertise. Their post-transaction holdings represent a combined 17.8% stake in Uvre, providing assurance to investors that leadership is directly invested in the success of the New Zealand exploration program. Their appointments followed shareholder approval and coincided with the resignation of former directors Steven Wood and Peter Woods, marking a deliberate board reset.

Institutional sentiment has responded positively to the board overhaul, with analysts suggesting that Seckold’s track record of building successful mineral development companies could attract further institutional participation as exploration results emerge.

How does Uvre plan to develop its South Island gold assets alongside Waitekauri?

Beyond Waitekauri, Otagold’s broader New Zealand portfolio includes four additional permits—Lottin Point on the North Island and Roaring Meg, Oturehua, and Invincible on the South Island. Combined, these projects add over 274 square kilometers of exploration ground with varied geological potential.

The Oturehua Gold Project, located 20 kilometers from Santana Minerals’ Bendigo-Ophir deposit and 50 kilometers from OceanaGold’s Macraes operation, has historical production estimates of 15,000–20,000 ounces at 48.8g/t Au. Rock chip assays up to 9g/t Au have been recorded from recent sampling, and Uvre considers the asset highly prospective for bulk tonnage and discrete high-grade gold zones.

Roaring Meg, meanwhile, is defined by anomalous gold in soil samples and quartz vein outcrops with historic assays of up to 9g/t Au. The Invincible prospect, for which a permit application is pending, targets a style of mineralization similar to the Bendigo-Ophir and Macraes systems, including potential tungsten-rich zones.

On the North Island, the Lottin Point project has historically returned assays as high as 58g/t Au and 7.3% Zn from float boulders, suggesting a high-grade VMS system first discovered by Anglo American in the 1970s. Although early-stage, Lottin Point offers upside in a structurally complex but underexplored area.

Together, these assets provide Uvre with a pipeline of targets capable of supporting a multi-year, multi-project exploration strategy. The capital raised in the July 2025 placement will be directed primarily at Waitekauri, with follow-up surface sampling and geophysical work planned for the satellite projects.

What does Uvre’s post-acquisition capital structure and funding position look like?

With the issuance of 75 million Consideration Shares for the MEL acquisition and 50 million shares from the A$4 million equity raise, Uvre’s issued share capital has expanded to approximately 189 million shares. An additional 3.75 million shares were issued to Bell Potter Securities as a facilitation fee. Outstanding securities include 13.5 million options and 7 million performance rights.

The Consideration Shares are subject to a 12-month holding lock, reinforcing long-term alignment between the new board members and existing shareholders. The placement was lead-managed by Bell Potter and supported by strategic and high-net-worth investors, including Seckold and Nightingale.

Use of funds from the placement is earmarked for drilling and evaluation work at Waitekauri, initial exploration at Oturehua and Roaring Meg, and general working capital. Uvre’s board has indicated that results from the upcoming drilling campaign will be key to assessing the scale of the Waitekauri system and its resource development potential.