Cyprium Metals Ltd has completed the divestment of its non core Meekatharra Project.
Under the Sale and Purchase Agreement, Solstice Minerals Ltd has acquired the Meekatharra Project for the following consideration:
- A$1 million (excluding GST) in immediately available funds, transferred upon completion;
- 3 million fully paid ordinary shares in Solstice, issued upon completion, subject to a holding lock—50% for six months and the remaining 50% for 12 months; and
- An additional 3 million Solstice shares if, within four years of completion, Solstice announces a Mineral Resource within the Meekatharra Project tenements containing more than 250,000 tonnes of copper at a minimum cut-off grade of 0.20% copper.
Canaccord Genuity acted as financial adviser to Cyprium for the transaction.
Focus on Maroochydore Project
With the divestment of Meekatharra, the company can now focus on its Maroochydore Project.
Cyprium executive chair Matt Fifield recently spoke with Proactive about the resource update at Maroochydore Project and the divestment of the Meekatharra Project.
Fifield noted that Maroochydore, located 80 kilometres from Cyprium’s Nifty Copper Complex in Western Australia’s Paterson Province, now hosts 371 million tonnes at 0.43% copper, with a cobalt credit.
He explained that a reassessment of the deposit with a sulphide-focused approach has provided a clearer understanding of its economic potential.
