ECR Minerals PLC (AIM:ECR) subsidiary Mercator Gold Australia has disposed of two pieces of mining kit for A$420,000.
A Coretech drilling rig has been sold for A$350,000 to be paid in instalments over nine months, while the sale of an excavator has raised a further A$70,000.
ECR added it plans to sell 20 acres of land in Victoria and has applied for planning permission for a residential development to boost its value.
Nick Tulloch, ECR managing director, said: "We have had a stated plan to realise value from assets within ECR that we are not using or do not require.
“Finalising these two agreements before the end of 2023 exceeds our expectations on timing but the fact that the expected proceeds from these sales should exceed our G&A expenses for the coming year is particularly pleasing.“