Anova Metals Limited (ASX:AWV) entered into an agreement to acquire DC Mines Pty Ltd (DCM) for AUD 38 million on November 28, 2022. As consideration for the acquisition, Anova will issue the shareholders of DC Mines 1.25 fully paid ordinary Anova shares for each fully paid ordinary DC Mines share they own. In total, up to a maximum of 237.5 million new Anova shares (post consolidation shares) will be issued pursuant to the Agreement. Concurrent with the proposed acquisition, Anova proposes to change its name to Lustre Metals Limited (ASX: LUS) and undertake a 10:1 share consolidation. Anova will also issue 23.75 million Anova performance rights for 19 million DCM performance rights. Furthermore, Anova Metals is assuming the liability of DCM to pay up to a maximum of AUD 7 million and for an acquisition and the liability to pay a gold production royalty of AUD 20 per ounce, capped at a total payment of AUD 18 million. As of February 15, 2023. All conditions under the Agreement have now been satisfied and the acquisition of DCM has completed.

The transaction is subject to Anova completing due diligence (to its satisfaction) on DCM and the Projects, Anova obtaining all necessary regulatory, shareholder and third-party approvals. The transaction is expected to close on February 6, 2023. Anova Metals have also proposed to change its name to Lustre Metals. As of December 30, 2022, the acquirer shareholders approved the transaction. PKF was engaged by Anova to prepare an Independent Expert's Report. RFC Ambrian acted as financial advisor and Steinepreis Paganin acted as legal advisors to Anova Metals Limited.