Cauldron Energy Limited (Cauldron or the Company) (ASX: CXU) is pleased to announce the successful completion of the sale of its 51% interest in the Blackwood Gold Project in Victoria. This significant transaction underscores the new management's commitment to executing its strategic turnaround of Cauldron.
- The sale of Cauldron’s 51% interest in the Blackwood Gold Project has been finalized.
- This move exemplifies the new management's dedication to delivering on its strategic objectives.
- The sale allows Cauldron to channel its resources and focus on projects that align with its revamped strategy. These include:
- The Melrose Nickel-Copper-PGE Project, where the company has secured a substantial stake in the highly sought-after West Yilgarn Craton of Western Australia.
- The Yanrey Uranium Project in Western Australia, which is home to the Bennett Well Uranium Deposit, recognized as one of the world's largest undeveloped uranium deposits.
- An ongoing review of potential project opportunities in prioritized commodities.
- Cauldron is also actively exploring various options concerning its sand project interests, which encompass potential divestment, joint ventures, and/or sales of bulk material.
For a detailed account of the sale and its conditions, please refer to the Company’s ASX Announcement dated 5 September 2023, titled “Sale of Blackwood Gold Project.”
Financial Details: The Company has confirmed the receipt of $200,000 in cash from the sale of its 51% stake in the Blackwood Gold Project. An additional sum of $100,000 is expected to be received by no later than 25 September 2024.