Leeuwin Metals (ASX:LM1) agreed to acquire Ramelius Resources' (ASX:RMS) Marda Operations subsidiary for up to AU$2 million in combined upfront and deferred payments, according to a Friday filing with the Australian bourse.

Marda Operations owns the Marda gold project in the Western Australian goldfields. The project has multiple existing pits under a mining lease.

The transaction consideration comprises an upfront payment of AU$500,000 in Leeuwin shares to be issued to Ramelius Resources upon completion, as well as cash payments of another AU$500,000 and AU$1 million once certain milestones are met.

Completion is expected five business days after the conditions are satisfied, including Leeuwin shareholders' approval, the filing said. All conditions must be satisfied no later than March 31, 2025.

Leeuwin Metals' shares surged 30% in recent Friday trade.

Price (AUD): $0.08, Change: $+0.018, Percent Change: +30.00%