Australia's Advance Metals rises as company secures control of Myrtleford, Beaufort gold projects

Advance Metals

21/05/2026 03:56

** Shares of Advance Metals AVM.AX advance as much as 8.97% to A$0.085, their biggest intraday pct gain since May 13

** The gold explorer says it has clinched full control of the Myrtleford and Beaufort projects in Victoria, acquiring the remaining 20% stake for an additional C$1 million ($726,955.51)

** AVM will also award a 1% net smelter return royalty to seller 1548043 B.C. on any future gold output from the projects

** Deal values full ownership at C$4 million, payable over three years in staged tranches, with settlement at AVM's discretion in cash or shares

** AVM stock down 44%, YTD

($1 = 1.3756 Canadian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))