Leviathan sells Timor project to Au Gold
Au Gold transforms from shell-like status to active explorer with Australian gold-antimony acquisition and $2M capital injection.
The most recent news (March 11-12, 2026) confirms the closing of the acquisition of the 11,663-hectare Havelock Gold-Antimony Project in Victoria, Australia. Au Gold Corp (AUGC) paid $75,000 in cash and issued 5,000,000 common shares to Leviathan Metals Corp. Simultaneously, AUGC closed a non-brokered private placement of $2,000,000 at $0.15 per unit. This follows the filing of an NI 43-101 technical report which highlighted rock samples up to 12.20 g/t gold and 0.18% antimony.
The impact is Material - Positive. Prior to this sequence of events, AUGC was a cash-strapped explorer with only $31,944 in cash (March 2025) and minimal activity. - Strategic Pivot: The acquisition moves the company into the Victorian Gold Fields, a high-profile jurisdiction. - Capital Infusion: The $2M raise is massive relative to the company's previous $300k raises, providing a multi-year runway for exploration. - Asset Quality: Historical drilling by the vendor (Leviathan) showed high-grade intercepts (e.g., 1.11m @ 56.4 g/t Au), which AUGC now controls. - Contingent Liability: The $3.00 per ounce contingent payment to the vendor is a future cash drain but only triggers upon successful resource definition, aligning interests.
AUGC is a Canadian-listed explorer. Its new flagship is the Havelock Gold-Antimony Project in Victoria, Australia. The project covers 11,663 hectares and features two main structural trends (Shaw-McFarlane and Leviathan-Mariner's). It is an epizonal gold-antimony target, similar in style to the Fosterville and Costerfield mines. Historical mining in the 1880s reached high grades, but modern exploration has been sporadic until Leviathan's 2021 drilling.