AN agreement has been entered into for the purchase of a tenement package in Broken Hill.
Austin Metals Limited recently announced it entered into a binding agreement with Kingfisher Mining Ltd for the sale of its Broken Hill tenement package.
This strategic divestment enables Austin to streamline its portfolio and focus its resources on advancing its core Western Australian gold assets.
Austin Metals will retain exposure to potential future upside through its equity interest in Kingfisher.
The transaction is expected to be completed in the near term, subject to the satisfaction of customary closing conditions.
Austin has agreed to divest its 100 per cent interest in eleven exploration licenses located in the Broken Hill region.
Total consideration for the transaction is $400,000, comprising: $200,000 in cash and $200,000 in fully paid ordinary shares in Kingfisher.
In the Broken Hill region, the tenements include the Copper Blow iron oxide copper gold (IOCG) project, Yalcowinna copper-cobalt prospects and the Broken Hill West silver-lead-zinc prospects.
