Clara Resources Australia secures $2M Kildanga asset sale

• Clara Resources finalised the sale of its Kildanga Ni-Co Project to Gympie Goldfields for $2 million.
• The total potential cash proceeds increased to $2.1 million, including $150,000 in upfront option fees.
• Proceeds will fund ongoing mineral exploration at the company's Mareeba Gold Project.

Clara Resources Australia (ASX:C7A) executed a final asset sale agreement to divest its Kildanga Ni-Co Project to Gympie Goldfields for $2 million in cash.

The definitive agreement settles the transaction originally outlined in an option deed announced on March 20.

The company received $150,000 in preliminary option fees, lifting total prospective cash out comes from the initial target of up to $1.8 million to $2.1 million.  

Under the finalised terms, a $500,000 deferred milestone payment became unconditional cash consideration no longer tied to resource estimates or mining lease approvals.

Clara expects full cash settlement on or before Sept. 30 to directly fund exploration at its flagship Mareeba Gold Project.

Following the announcement, the Clara Resources share price was unchanged at $0.0040.

The transaction allows the business to reallocate capital into its primary gold holdings while divesting secondary battery-metal assets in South-East Queensland.