Aurumin Ltd (ASX:AUN) has made further progress with the sale of the Mt Dimer mining leases and miscellaneous licences in WA, including the high-grade Lightning and Golden Slipper deposits, by executing a tenement sale agreement with Beacon Minerals Ltd.
In return, AUN will receive cash consideration of $3 million once the transaction is complete, alongside a 2% smelter return royalty on gold production above 12,000 ounces and all other minerals.
Good outcome for both parties
“We are pleased to have executed the more detailed tenement sale agreement and are now working through the mechanics for completion,” Aurumin managing director Brad Valiukas said.
“This continues to be a good outcome for both parties, allowing Aurumin to unlock value from the Mt Dimer Mining Tenements, significantly reduce the convertible note and maintain some upside from both exploration and future production.
“I look forward to announcing completion in the near term.”
The following Mt Dimer mining tenements were included in the sale: M77/427, M77/428, M77/957, M77/958, M77/965, P77/4568; L77/0083, L77/0135, L77/0147, L77/328 (application), L77/329 (application), L77/330 (application), L16/135 (application).
The agreement will proceed once access agreements have been executed, assignment or novation of all relevant third-party agreements has been completed, all necessary approvals have been obtained, and all security interest over the tenements have been released.