Blaze Minerals Limited has entered into a binding agreement to acquire up to a 90% interest in two tungsten projects in Uganda, encompassing several high-grade historical producing mines, while simultaneously securing firm commitments to raise $2,250,000 through a two-tranche share placement.

The transaction grants Blaze control over the Bahati Project, covering approximately 43 square kilometres in south-western Uganda, and the Buyaga Project, which spans a 250-square-kilometre landholding surrounding the historical Buyaga mine in central Uganda. Recent due diligence channel sampling at the historical Bahati workings returned exceptional grades, including 1.0 metre at 20.78% WO3 and 0.8 metres at 20.22% WO3, alongside a high-grade grab sample yielding 56.23% WO3.

The Bahati property includes the historical Bahati, Nyanga, and Bulunga mines. Previous technical reports indicate the Bahati mine produced approximately 270 tons of wolfram between 1951 and 1962 across five underground levels spanning a vertical depth of more than 100 metres, demonstrating consistent mineralised veins at depth. Field reconnaissance has identified at least two interpreted mineralised corridors with strike lengths of around 600 metres that remain open in both directions. Meanwhile, the Buyaga landholding sits within the Buganda granitic suite and has not previously been subjected to modern exploration techniques.

To fund ongoing activities and complete the transaction, Blaze has secured firm commitments from institutional, professional, and sophisticated investors to raise $2,250,000. The capital raising involves issuing 4,500,000,000 fully paid ordinary shares at an issue price of $0.0005 per share across two tranches.

Executive Director Mathew Walker highlighted the strategic rationale behind the expansion into East Africa.

This is a transformational acquisition for the Company, providing direct exposure to an advanced exploration opportunity in a stable, friendly mining jurisdiction.

Tungsten is amid a record price environment, and the Company is well positioned to benefit from any exploration success

— Mathew Walker, Executive Director

The acquisition builds on the company's existing footprint in the country, which includes the Ntungamo and Mityana critical metals projects acquired in October 2024. The pivot follows Blaze's decision in December 2025 to withdraw from the Loulombo Base Metals Project in the Republic of the Congo due to site security concerns. Blaze is now actively working toward the formal completion of the binding acquisition terms for both the Bahati and Buyaga licenses in Uganda.

Read the full announcement: Acquisition of High-Grade Tungsten Projects, Uganda