Skip to content
Finance Investment, Oil Mining Resources

Aurumin Limited (ASX: AUN) – Sale of Mt Dimer Mining Tenements – Progress Update

Aurumin Limited (ASX: AUN) 2 mins read

Aurumin Limited (ASX: AUN), an ASX-listed mineral exploration Company focused on two project areas in Western Australia, is delighted to announce the successful execution of a Tenement Sale Agreement with Beacon Minerals Ltd for the divestment of its Mt Dimer mining leases and miscellaneous licenses, collectively known as the Mt Dimer Mining Tenements. These tenements, hosting the high-grade Lightning and Golden Slipper Deposits, are strategically located 120km north-east of Southern Cross.

Highlights of the Sale:

  • The transaction includes the sale of mining tenements M77/427, M77/428, M77/957, M77/958, M77/965, P77/4568, L77/0083, L77/0135, L77/0147, and several applications for additional licenses.
  • Aurumin will receive a cash consideration of $3.0M upon the completion of the sale.
  • Additionally, the company is set to receive a 2% net smelter return royalty on gold production from these tenements exceeding 12,000 ounces, as well as on all other minerals produced.

Progress on Conditions Precedent:

  • Completed conditions include Beacon's satisfactory due diligence, the execution of the formal sale agreement, and the royalty agreement.
  • Remaining conditions to be fulfilled include the execution of access agreements, assignment or novation of relevant third-party agreements, obtaining all necessary regulatory, statutory, and ASX approvals, and the release of all security interests over the Mt Dimer Mining Tenements, excluding existing royalties.
  • These conditions are expected to be satisfied by 15 December 2023, or a later date as agreed between the parties.

Use of Proceeds:

The proceeds from this sale are earmarked for reducing the outstanding balance of the Convertible Note held by CollinsStreet Asset Management Pty Ltd, as previously announced on 15 December 2021.

This sale marks a significant milestone for Aurumin Limited, aligning with our strategic focus and commitment to enhancing shareholder value. We look forward to a smooth completion of the remaining conditions and a fruitful partnership with Beacon Minerals Ltd.


About us:

Aurumin Limited is an ASX-listed mineral exploration Company focused on two project areas in Western Australia. 


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

Media

More from this category

  • Finance Investment
  • 24/06/2024
  • 20:37
Hut 8 Corp.

Hut 8 Announces $150 Million Strategic Investment from Coatue to Partner in Building Next Generation AI Infrastructure Platform

Funding will accelerate growth in Hut 8’s data center portfolioReinforces Hut 8’s position as a market leader in sourcing, developing, and operating energy infrastructureMIAMI, June 24, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced that it has entered into a definitive agreement with a fund managed by Coatue Management, L.L.C. (“Coatue”) pursuant to which Coatue has agreed to invest $150 million into the Company through a convertible note (the “Note”).“We are committed to supporting…

  • Business Company News, Oil Mining Resources
  • 24/06/2024
  • 12:12
Jane Morgan Management

Conrad Asia Energy Ltd (ASX: CRD) Signs Binding Gas Sale Agreement with PGN

Sydney, Australia, 24 June 2024: Conrad Asia Energy Ltd (ASX: CRD), a leading Asia-focused natural gas exploration and development company, is pleased to announce a significant milestone in the commercialisation of the Mako gas field. The Company has entered into a binding Gas Sales Agreement (GSA) with PT Perusahaan Gas Negara Tbk (“PGN”), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Key Highlights: Binding Agreement Signed: On 21 June 2024, Conrad and PGN finalized a binding GSA for the domestic portion of gas produced from the Mako field. This agreement marks a critical step in…

  • Contains:
  • Business Company News, Oil Mining Resources
  • 24/06/2024
  • 12:03
Jane Morgan Management

Summit Minerals Limited (ASX:SUM) Announces Further High-Grade Niobium and Tantalum Assay Results from the Equador Project in Brazil

Sydney, Australia, June 24, 2024 – Summit Minerals Limited (ASX: SUM) is excited to announce the latest results from its ongoing exploration activities at the Equador Niobium and Rare Earth Elements (Nb-REE) Project located in the Borborema Pegmatitic Province (BPP) of northeast Brazil. These new assay results further underscore the high prospectivity of the project. Highlights: Significant Assay Results: The second set of rock chip assay results continue to highlight high-grade niobium (Nb2O5) and tantalum (Ta2O5) mineralisation. Notable results include: 53.07% Nb2O5, 18.32% Ta2O5, and 1956 ppm PREO (SUMSS007) 42.08% Nb2O5, 26.07% Ta2O5, and 2780 ppm PREO (SUMSS021) 40.88% Nb2O5,…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.