Perth, Australia – 30 September 2024 | Zenith Minerals Limited (ASX: ZNC) ("Zenith" or "the Company") is pleased to announce the successful completion of the sale of its remaining 49% interest in the Develin Creek Copper-Zinc Project to QMines Limited (ASX: QML). This transaction marks the conclusion of a two-stage deal, initially announced in September 2023, and strengthens the ongoing collaborative relationship between Zenith and QMines.
Highlights:
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Sale Terms: Zenith has received a cash payment of A$975,000 (plus GST) and 10,261,194 fully paid ordinary shares in QMines, valued at A$687,500. The shares are subject to a five-month voluntary escrow period.
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Stake in QMines: With this transaction, Zenith retains a significant shareholding in QMines, further cementing the partnership between the two companies as QMines continues to develop the Develin Creek Project.
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Completion Date: The settlement was extended to 30 September 2024 to allow QMines to obtain shareholder approval for the issuance of shares, which was granted at a General Meeting on 23 September 2024.
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Use of Proceeds: The proceeds from the sale will support Zenith’s development of its gold and lithium assets, with drilling set to begin at the Dulcie Far North (DFN) Gold Project within the next fortnight.
Andrew Smith, Managing Director of Zenith Minerals, commented: "We are pleased to have finalised the sale of Develin Creek to QMines. This transaction represents the culmination of a productive collaboration with QMines and underscores our ongoing commitment to delivering value to our shareholders. We are excited about the continued growth and development of the Develin Creek project under QMines' stewardship.”
Next Steps:
Zenith will focus on progressing its pipeline of gold and lithium assets, with an upcoming drilling campaign at the DFN Gold Project, part of Zenith’s broader strategy to unlock value in high-demand commodities.
For further information, please contact:
Andrew Smith
Managing Director
[email protected]
Investor & Media Enquiries:
Jane Morgan
Jane Morgan Management
[email protected]
About us:
About Zenith Minerals Limited:
Zenith Minerals Limited is an Australia-based mining exploration company. The Company is focused on minerals containing lithium and related metals required for rechargeable lithium-ion batteries for electric vehicles and renewable energy storage. It also has a portfolio of gold and base metal deposits located in Western Australia and Queensland. Its projects are Split Rocks Lithium-Tantalum Project, Waratah Well Lithium-Tantalum Project, Hayes Hill Lithium - Nickel Project, Split Rocks Gold Project, Red Mountain Gold-Silver Project and Earaheedy Zinc Project. The Split Rocks Project is located approximately 40 km south of the regional town of Marvel Loch in the Goldfields Region of Western Australia. The Waratah Well project is located over 20 km northwest of the regional town of Yalgoo in the Murchison Region of Western Australia. The Hayes Hill project consists of four granted exploration licences in a highly mineral prospective corridor north of Norseman in Western Australia.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]