PRESS RELEASE: DUE DILIGENCE DONE

Latest Press Release

Great Divide Mining Ltd (ASX:GDM) announced today that it had completed its’ mine site Due Diligence at Adelong Gold Ltd (ASX:ADG) Adelong, NSW.

Results of due diligence were reported as being “satisfactory”.

Completion of the due diligence enables the binding farm-in agreement signed on the 11th of November, 2024 to proceed.

GDM will now acquire a 15% holding in Challenger Mines Pty Ltd (CMPL) a wholly owned subsidiary of ADG, and operate, the mine, mine-site and its processing plant.

Commenting on the due diligence results, Chairman of Great Divide Mining, Paul Ryan, said: “We took a GDM ‘hands-on’ approach to the due diligence, with senior personnel on-site working side-by-side with technical experts. This enabled more immediate and direct communication, resulting in shortened timelines, with several key pieces of equipment already re-commissioned.”

“Why do I need to read a report about what work needs to be done on a piece of equipment to get it going ?” said Ryan, “Simply assess what needs to be done, and get a qualified technician and just do it. Takes out another middle step.”

The company reports several key pieces of equipment already being brought back into service ahead of the Christmas break.

“It’s one of the things that I love about GDM is the can-do attitude, and a workplace where everyone pitches in. We just get jobs done,” said CEO Justin Haines.

“We’re giving the mine site and equipment a lick of fresh paint too”, said Haines, “We’ll have a grader on site to clean up the roads and earthworks.”

“As we employ the new Team we want them to have pride in their work environment from day one.”

Community engagement has also commenced,” said Haines, “meetings with local farmers have commenced, with more scheduled from the first week of February.”

In a further sign of new life being breathed into the Adelong community, the Adelong Services, Citizens and Bowling Club reports significantly increasing its stock of cold beers!

“GDM’s focus is on rapidly moving the Adelong Gold Mine back onto a sustainable production footing,” said Haines, “both for GDM’s shareholders and for the Adelong community.”

Media Contacts:

Name: John KochanskiCompany: Great Divide MiningEmail: [email protected]Phone: 0411831122

Attachments:

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January 23, 2025/by Reland Pigte

About Great Divide Mining

Great Divide Mining (ASX:GDM) GDM listed on the ASX on 25th August 2023. It operates four gold and base metal projects cross 12 granted Queensland tenements. It’s commercial model focusses on historically significant workings, leveraging brownfield permitting opportunities, utilising details of these workings, targeted in-fill drilling programs and the application of modern exploration and mining technologies. Recommissioning of previously mined sites delivers significant reduction in exploration risk and ensures the company minimises its environmental impacts. Its core values are to responsibly transition exploration projects to positive cash flow in efficient time frames. https://greatdividemining.com.au/ Adelong Gold Ltd (ASX:ADG) GDM announced on 11 November 2024 that it had signed a binding farm-in agreement with Adelong Gold Ltd (ASX:ADG) and its wholly owned subsidiary Challenger Mines Pty Ltd (CMPL) to recommence the operations of the historic Adelong Gold Mine. GDM having completed Due Diligence on the CMPL assets, and being satisfied with the results, will now move to finalise binding agreements which upon execution will enable GDM to acquire a 15% holding in CMPL and become operator of CMPL. Contact: Justin Haines, CEO e [email protected] m +61 (0)418 876 420

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