Kingston Resources Ltd (ASX:KSN) has received a A$1.5 million milestone payment as part of the Livingstone Gold Project transaction.
This milestone payment comes 12 months after the sale of Livingstone to Metal Bank Ltd (ASX:MBK) on December 10, 2021, for up to $10 million.
The consideration comprises an upfront payment of A$2.5 million cash, $1 million in MBK shares and attaching options.
Further to this, the remaining potential milestone payments include:
- $1 million cash payment upon the identification of a 250,000-ounce gold equivalent JORC resource at Livingstone; and
- $4 million cash payment upon the identification of a 500,000-ounce gold equivalent JORC resource at Livingstone.
“It is a fantastic opportunity to be able to continue to provide our shareholders exposure to exploration upside at Livingstone, as well as further potential milestone payments and equity interest in Metal Bank," Kingston Resources managing director Andrew Corbett said.
"We are delighted to receive the deferred payment of $1.5 million and look forward to Metal Bank’s continued success at Livingstone.”