Santa Fe Minerals (ASX:SFM) entered into a binding share purchase agreement to acquire Glomin Services, a Mauritian-incorporated entity that holds 80% stakes in the Mankono, Bouaflé, Bocanda, and Issia projects in the Ivory Coast, from WIA Gold (ASX:WIA), according to separate Australian bourse filings on Wednesday.

The consideration consists of 20 million in Santa Fe shares and 8 million performance rights that convert into Santa Fe shares in tranches on the achievement of certain milestones.

The projects consist of three granted exploration permits and seven applications.

Santa Fe intends to negotiate with the joint venture parties, which hold the remaining stake in the projects, to enter into full-form joint venture agreements for exploration activities at the projects following the completion of the acquisition.

The conditions precedent for the deal, including the receipt of all other necessary regulatory approvals and third-party consents, must be satisfied by Feb. 23, 2026.

Santa Fe received binding commitments for a placement of 30 million shares to raise AU$6 million at AU$0.20 per share, subject to shareholder approval.

WIA Gold's shares fell 4% in recent trading on Wednesday.