Wilton Resources enters settlement agreement over financing dispute
Thursday, May 21 2026 - 08:21 AM WIB
By Romel S. Gurky
Singapore-listed gold mining firm Wilton Resources Corporation Ltd said on Thursday that it has entered into a deed of settlement with Karl Hoffmann Mineral Pte. Ltd. to resolve outstanding claims linked to a long-running financing dispute dating back to 2017.
Under the agreement signed on May 16, 2026, Wilton Resources will pay Karl Hoffmann a total of $14.5 million as full and final settlement of all claims related to previous financing arrangements, statutory demands and court applications between the parties.
The payment consists of a non-refundable $250,000 payable upon execution of the settlement deed and the remaining $14.25 million due within three months.
The settlement replaces earlier obligations under an October 2023 deed, under which Wilton Resources owed Karl Hoffmann about $25.44 million, excluding accrued interest.
The original dispute stemmed from a 2017 financing arrangement and subsequent amendments, with Karl Hoffmann previously issuing statutory demands against the company for unpaid compensation and termination amounts totaling more than $23.5 million plus interest.
Wilton Resources said the new settlement supersedes and cancels all previous agreements, warranties and undertakings between the parties. No additional interest will accrue under the new settlement unless a judgment or court order is issued following a breach of the agreement.
Read also: Wilton faces setback on $21m drawdown request amid Ciemas gold project delays
However, if the company fails to meet the payment terms, the outstanding amount would revert to $25.59 million minus prior payments, with interest accruing at 9% annually from Oct. 10, 2023 until full repayment.
Wilton Resources is engaged in gold exploration and mine development in Indonesia. Its flagship Ciemas Gold Project in West Java covers approximately 3,078.5 hectares and, according to an independent qualified person’s report prepared by SRK Consulting (China) Ltd., contains estimated ore reserves of about 3.26 million tonnes with an average gold grade of 7.7 grams per tonne.
The project also holds estimated measured and indicated mineral resources of around 3.42 million tonnes with an average gold grade of 8.6 grams per tonne, as well as inferred resources of about 2.56 million tonnes grading 6.5 grams per tonne. The company has yet to commence commercial gold production from the project.
Editing by Alexander Ginting