Marvel Gold (ASX:MVL) has entered into a binding memorandum of understanding with Askiya Mineral Resources to sell 100% of its interest in Yanfo, the entity holding the Yanfolila Gold Project in Mali, for total consideration of up to US$1.9 million.
The deal includes an upfront non-refundable option fee of US$25,000, followed by staged payments linked to project milestones, including completion of inferred mineral resource estimates of 300,000, 500,000, and 1,000,000 ounces of gold.
Askiya will have 30 days to undertake technical and legal due diligence following exercise of the option, while Marvel will ensure the transfer and renewal of all project tenements.
Executive Director Timothy Strong said the agreement aligns with Marvel's strategy to divest legacy Mali assets and focus on the Hanang Gold Project in Tanzania, adding that Askiya's strong local presence positions it well to advance exploration at Yanfolila.
The Yanfolila project, located in southern Mali, was fully acquired by Marvel in 2023 following an agreement with B2Gold, though the transfer of licences remains subject to approval by the Mali Mining Cadastre.
At the time of reporting, Marvel Gold's share price was $0.016.