Alice Queen sells Yarindury tenement for $900,000
- Alice Queen sells New South Wales exploration licence EL8646 to Alkane Resources for $900,000 in cash.
- The transaction frees up non-core asset capital for immediate reallocation to the flagship Horn Island Gold Project in Queensland.
- Completion depends on due diligence, regulatory approvals, and ministerial consents within a two-month timeframe.
Alice Queen (ASX:AQX) has agreed to sell its non-core Yarindury exploration licence EL8646 in New South Wales to Alkane Resources (ASX:ALK) for $900,000 in cash through its 90%-owned subsidiary, Monzonite Metals.
The sale provides an immediate cash injection to accelerate exploration work, contrasting with the company's previous reliance on holding costs for secondary tenements.
"We're pleased that the company has reached this agreement with Alkane Resources, allowing us to secure value from a non-core asset, while directing further attention and capital towards our Horn Island Gold Project in Queensland," said Alice Queen Managing Director Andrew Buxton.
The binding agreement remains subject to customary conditions precedent, including financial, legal, and technical due diligence alongside ministerial consent under the Mining Act within two months.
The divestment allows management to redirect resources toward ongoing drilling and project definition studies at its Queensland asset.
Following the announcement, the Alice Queen share price was unchanged at $0.0070.
The junior explorer holds a portfolio of gold and copper assets across Queensland and New South Wales, with its primary development focus centred on the Northern Peninsula region.
