Acquisition of strategic high-grade gold production

Harvis Executives, through the Distilled Group syndicate, invested in the acquisition of the Vivien Gold Project from ASX-listed Ramelius Resources Limited, subsequently vended into ASX-listed Labyrinth Resources Limited.

The syndicate’s core thesis focuses on originating and owning historical gold mines with a proven track record of high-grade gold production. By utilizing modern exploration techniques, applying the team’s expertise, and providing strategic support, the syndicate aims to unlock significant upside from these projects.

As part of the transaction, Labyrinth Resources has undertaken a 1:10 share consolidation alongside a two-tranche placement to raise A$2.0 million, supporting the acquisition and funding high-priority exploration programs. In addition, original shareholders have the opportunity to partake in a 1-for-1.9813 non-renounceable Entitlement Offer, raising up to an additional A$2.0 million.

The pre-transaction enterprise value of A$3 million increased by approximately 25x leading into the EGM for shareholder approval of the Harvis-led transaction. The syndicate now enjoys investment exposure to a portfolio of high-grade gold projects in WA and Canada. This serves as a prime example of Harvis' merchant banking approach in the critical and precious metals sector, bringing together quality assets, experienced people, and sound strategy to create exceptional value.

Funds are allocated to advance drilling at Comet Vale from October 2024 and initiate further drilling at Vivien in the near term.

This strategic investment reflects the syndicate’s commitment to driving exploration and development success in historically proven, high-grade gold projects.

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