Forrestania Resources (ASX:FRS) struck a deal to acquire Midas Minerals (ASX:MM1) unit Midas Minerals (Newington) for upfront consideration of AU$1.5 million worth of Forrestania shares, according to a Monday filing with the Australian bourse.

Midas Minerals (Newington) owns a portfolio of 10 granted mining and exploration tenements in Western Australia, comprising gold interests across the Newington project area.

Forrestania said additional success-based deferred consideration will be payable at the achievement of milestones linked to resource growth and development, including but not limited to AU$1 million when a formal decision is made to mine on any of the project tenements. The deferred consideration can be settled in cash or Forrestania shares.

The deal is subject to regulatory and third-party approvals, and is expected to be completed within the coming weeks, per the filing.