Marquee Resources has terminated its proposed acquisition of Tungsten Mountain after shareholders rejected the transaction's consideration and facilitation resolutions at a general meeting on 14 August 2026.

While shareholders overwhelmingly approved the company's Tranche 2 placement shares with 97.28% support, Resolutions 4 and 5 failed to carry. Because those approvals were required for the acquisition, the transaction cannot proceed in its current form, prompting the board to terminate the deal and redirect capital and management effort toward Marquee's existing asset portfolio.

The company will concentrate its immediate work program on the Yindi, West Spargoville and Mt Clement projects. At Yindi, Marquee has scheduled an 8-hole, approximately 1,125-metre first-phase reverse circulation drilling program for early September 2026, subject to approvals, access and field conditions. A recent review of more than 6,000 historical soil samples and 577 drill holes has refined priority gold targets across a 4.0-kilometre by 1.7-kilometre central corridor and a separate structural target.

At West Spargoville, where Marquee holds 75% of the lithium rights alongside Mineral Resources holding 25%, a geological mapping and surface-sampling program has concluded with technical assistance from its joint venture partner. Results are expected shortly to determine whether to undertake follow-up drilling before the end of calendar 2026.

In parallel with its active exploration plans, the board is reviewing monetisation options for several other properties. Marquee is in discussions with potential purchasers and partners regarding an outright sale, joint venture or transfer to a separate vehicle for the Redlings rare earths asset, and is assessing strategic alternatives for the Lone Star copper-gold project in Washington State, the Clayton Valley lithium claims in Nevada, and the Sa Pedra Bianca gold and silver project in Sardinia, Italy.

The refocused strategy has secured $600,000 in recommitted funding from Tranche 2 participants, including an additional A$100,000 commitment from Executive Chairman Charles Thomas, subject to shareholder approval.

Read the full announcement: Marquee to Advance and Monetise Existing Asset Portfolio