Vita Resources (ASX:VTA) has executed a heads of agreement (HoA) with New Zealand-based explorer Otago Gold, granting Vita exclusive access to the depth potential across Otago Gold's tenements. A heads of agreement is a non-binding preliminary document that establishes the framework for a formal, definitive contract between parties.

The Otago region of New Zealand's South Island has a documented gold mining heritage dating back to the 1860s gold rushes, and modern hard-rock gold operations in New Zealand include OceanaGold's Macraes mine — the country's largest gold-producing operation.

Under the proposed arrangement, Vita will gain access to the projects from a depth of 10 metres and below, while Otago Gold retains alluvial rights across all projects. This structure reflects a complementary model where the alluvial miner retains near-surface placer rights while the exploration partner targets deeper, hard-rock mineralisation. Vita will also secure access to all projects classified as "large scale" within the scope of the HoA.

"This HoA creates an exciting waypoint for Vita by providing access to new frontiers in a friendly jurisdiction," said NEC Gavin Rutherford. "To date, New Zealand's world-leading success and reputation in agriculture and dairy has overshadowed its spectacular gold-producing potential. The potential and price of gold coupled with the gold endowment New Zealand enjoys should see a future where its Primary Industry will be represented by both agri-industry and mining."

Rutherford also noted his engagement with New Zealand officials: "The message I conveyed to NZ mining minister Shane Jones when I met with him in July 2026 was founded on the incremental jobs, industry and GDP for New Zealand our industry could create, and the reception I received was enthusiastic."

Under the terms of the agreement, Otago Gold is free-carried for 20% equity in any given project until a feasibility study and/or a decision to mine (DTM) is reached and announced. At that stage, the 20% interest can be structured in one of three ways:

1. Converted into joint venture-based equity with attendant obligations for Otago;
2. Converted to a 2% net smelter royalty (NSR) payable to Otago;
3. Vended at fair market price, with Vita holding the first right of refusal (RoR) to purchase.

Rutherford praised Otago Gold as a counterparty: "Otago Gold is a very successful, new-age alluvial miner with excellent credentials. Innovators by nature, their actions demonstrate an industry presence where farm access, relationships, agreements and traditional owners relationships, combined with an excellent 'nose' for the right geology, couples very well with the suite of exploration expertise Vita brings to the relationship."

"Together, we believe this partnership combines extensive local knowledge with modern exploration capability, and I am genuinely looking forward to getting underway as soon as possible," he added.

In Australia, Vita Resources is focused on the Ninnis gold project, located approximately 70 km west of Laverton in Western Australia. The company also holds copper and rare earth assets internationally.

Prior to market open, VTA was steady at 12.5 cents per share, with a market capitalisation of $48.56 million.