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