Miramar Resources has finalised a binding sale agreement for its Randalls project, situated around 70km east of Kalgoorlie, Australia.
The company has provided Future Battery Minerals (FBM) with an exclusive six-month option to acquire 100% of all mineral interests associated with the project.
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This strategic move is aimed at streamlining Miramar’s portfolio and concentrating on higher-potential gold and critical minerals projects.
The divestment aligns with Miramar’s strategy to focus on exploration works in the Eastern Goldfields and Gascoyne regions of Western Australia (WA).
According to Miramar’s executive chairman, Allan Kelly, the sale will enable the company to concentrate on more new ventures such as the Gidji Joint Venture (JV) gold project and the Bangemall copper-nickel-platinum group elements (PGEs) projects, while still maintaining potential benefits from the Randalls project.
“We have some really exciting projects which have potential for near-term discoveries of gold and critical minerals including copper, nickel, PGEs and REEs [rare earth elements].
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By GlobalData“The consideration for Randalls includes shares in FBM, milestone payments on delineation of JORC [Joint Ore Reserves Committee]-compliant resources and a royalty from any future production from those tenements,” Kelly added.
In addition to Gidji and Bangemall, Miramar is also set to advance exploration at the Whaleshark copper-gold project near Onslow.
The company will further explore the Chain Pool copper-lead-zinc-silver project and is working on tenement applications for the Carnarvon heavy mineral sands project, situated near the mouth of the Gascoyne River.
“The recently announced multi-million-dollar, multi-year, exploration JV agreement with Japanese mining giant Sumitomo over our Bangemall nickel-copper-PGE project in the Gascoyne region of WA means that exploration at Bangemall will be fully funded for the foreseeable future and the majority of our resources can instead be allocated to exploration at Gidji,” Kelly said.
The terms of the sale agreement include a non-refundable A$50,000 ($32,432) option fee paid by FBM, with FBM responsible for operational costs during the option period.
Upon exercise, the settlement will include A$125,000 in cash, A$125,000 in FBM shares and a 1% net smelter return royalty.
There are also deferred milestone payments tied to the announcement of JORC-compliant mineral resources.
