IMC Industrial Group

A$150m sale of Millennium Minerals to Novo Resources

September 2020

On 4 August 2020, TSX-V listed Novo Resources Corp (“Novo”) announced the acquisition of Millennium Minerals Limited (“Millennium”) from subsidiaries of the IMC Industrial Group (“IMC”). The transaction completed on 8 September 2020 following Novo finalising its equity and debt funding arrangements.

Millennium owns the Nullagine gold operations, located in the Pilbara region of Western Australia. The operations include several open cut and underground mines within 291km2 of mineral tenure, a 1.5Mtpa processing plant, tailings storage facility and other associated infrastructure. The plant and infrastructure are located approximately 10km south of Novo’s Beatons Creek gold project and will facilitate Novo’s transition to becoming a producing gold company.

The acquisition terms included A$60 million in cash, A$70 million in Novo shares and warrants (issued on the same terms as Novo’s equity financing), and deferred consideration valued at A$20 million, payable as a 2% royalty on future gold production by Novo.

IMC is a privately-owned industrial conglomerate based in Singapore. Azure acted as exclusive financial adviser to IMC on the transaction.