History
Verde Resources went from a Nevada gold-claim shell to a Malaysian gold miner, exited mining in 2023, and now licenses biochar road-construction technology in North America.
2013-2014: From Nevada shell to Malaysian gold
Verde began as a small Nevada gold-claim shell run by Stephen Spalding and Stiege, with 2,500,000 shares on issue at the end of 2010. By mid-2013 it was looking for a real project. In June 2013 it agreed to issue 10 million escrowed shares to Gold Billion Global Limited for a 10% interest in the Merapoh Gold Mine in Pahang, Malaysia. The promised cash deposit never arrived, and in July Verde cancelled the deal, returned the shares to treasury and gave back the mining interest.
A bigger version followed in October 2013. Verde, through a subsidiary, would acquire 100% of the mine's operating rights from Federal Mining Resources in exchange for 80 million new Verde shares, giving Federal's shareholders about 95% of the company, a full change of control. Spalding and Stiege were to resign, replaced by Wu Ming Ding, Balakrishnan B S Muthu and Liang Wai Keen. Later that month Federal Mining assigned Verde management rights over Champmark Sdn Bhd, the Malaysian contractor that operates the mine, and Verde cancelled its old Nevada gold-claims agreement, ending its original business. This issue explains the jump in shares on issue to about 84 million at the end of 2013.
The takeover was completed in February 2014. Verde's subsidiary Gold Billion Global Limited took over the management rights, headquarters moved to Hong Kong, and the US auditor was dismissed. In April 2014 the subsidiary exercised its option to buy the 85% equity stake in Champmark for $1, turning a management arrangement into direct ownership of the mine operator. The mine itself runs under a permit held by MMC Corporation Berhad.
2015-2020: A quiet record
The disclosures record no major events in these years. Verde was described later as a dormant Malaysian gold-mining shell during this period, and nothing in the record shows what the mine produced or how the company funded itself.
2021-2023: The renewables pivot and the exit from gold
In May 2021 Verde launched a pivot into renewable materials through two linked deals. It agreed to buy Borneo Energy's biofraction plant assets and Sabah rights to the Catalytic Biofraction Process for 166.67 million shares, and separately to acquire Bio Resources Limited, owner of the palm-biomass pyrolysis technology (heating waste in low oxygen to make oils and charcoal-like biochar). In June it converted $1.95 million owed to four creditors into 64.8 million shares at $0.03, clearing old debt at the cost of dilution. It also agreed to buy a Malaysian factory site from Segama Ventures for $1.6 million, though in March 2022 it cancelled that purchase, recovered its $800,000 deposit, and chose a seven-year lease with an option to buy.
The Bio Resources price was 321.5 million shares plus $20.355 million in promissory notes to 17 lenders. In January 2022 the lenders agreed to take stock instead of cash. The deal closed in October 2022, and in December the notes were converted into 333,142,389 restricted shares at $0.0611, including shares for new CEO Jack Wong, who had replaced Muthu. Together with the other issues, this took shares on issue from about 116 million at the end of 2020 to over 1.17 billion by the end of 2022.
Other moves followed. In February 2022 a Missouri subsidiary leased a 24-acre property in La Belle, Missouri to start a US biochar farming operation, and bought it for $500,000 in October. In April 2022 Verde signed a five-year supply deal with The Borneo Food Group, a related party because its parent, Borneo Oil Berhad, is a major shareholder. A cannabinoid distribution unit, Verde Life, signed a Malaysian distribution deal in November 2022. The Borneo Energy plant purchase closed in February 2023.
In March 2023 Verde agreed to sell Champmark, its gold-mining subsidiary, to Jusra Mining Merapoh for 500,000 Malaysian Ringgit. The sale closed in April, ending the gold business built since 2013. Also in March it agreed to buy 60% of Vata VM Synergy, a composting company, for about 2.25 million Ringgit.
2023-2026: Biochar roads and Ergon
In August 2023 Verde signed a memorandum of understanding with Green Carbon Industries and Andre van Zyl for a North American biochar-asphalt venture, conditional on raising at least $2 million and tied to a Nasdaq uplisting. It also announced a carbon-credit partnership with Puro.earth. Verde hired a certification specialist for 1 million shares in October 2023 and, in April 2024, two asphalt veterans at 3 million shares each. The Green Carbon plan collapsed in May 2024 with no deal.
Days later Verde signed a Heads of Agreement with Zym-Tec Technologies for a 50/50 venture, and in July 2024 a three-year testing agreement with Auburn University's National Center for Asphalt Technology. In October 2024 it signed a term sheet with Australian firm C-Twelve for an exclusive US license to a biochar-asphalt binder. In December it hired AUM Media to prepare an equity raise and Nasdaq uplisting. In January 2025 it sold the Missouri property for $350,000, $150,000 below its purchase price.
A proof-of-concept at the Auburn track in December 2024 sequestered about 8 tons of carbon. In May 2025 the C-Twelve term sheet was replaced by a Joint Development Agreement with a $300,000 sign-on fee, 1,500,000 restricted shares and a 3% royalty on carbon removal credits. The company said its first biochar-based carbon credits were certified by Puro.earth in April 2025.
In June 2025 Verde signed a memorandum of understanding with Ergon Asphalt & Emulsion, and in October finalized a 10-year exclusive license for the US, Canada and Mexico to its V24 biochar-asphalt agent, with Ergon buying at a fixed price and sharing 40% of related carbon credits with Verde. In the same filing the C-Twelve license was widened to Canada and Mexico, bringing a $2 million loan plus $1 million fee due within 30 days of a US exchange listing, with a hard deadline of July 31, 2026. In November Ergon invested $2 million for 24.94 million shares plus a matching warrant at $0.08018.
In March 2026 Biochar Solutions LLC became exclusive US biochar supplier, up to 38,500 tons a year. On July 6, 2026, Verde and Ergon signed a broader Master Commercialization and Collaboration Agreement, making Verde Ergon's preferred-vendor biochar supplier, with a cold-mix road-paving product in development. Shares on issue were about 1.3 billion at the end of 2026, and the record does not show whether the exchange listing had been achieved.
Written from the 38 story beats below (2013 to 6 July 2026), which come from the company's own announcements and filings.