Panther Metals sells Mikado Project for $350,000
- Panther Metals agreed to sell its Mikado Gold Project tenements to Brightstar Resources for $350,000 cash.
- The sale provides Panther Metals with cash proceeds while Brightstar Resources expands its regional tenement footprint.
- Panther Metals plans to use the non-dilutive capital to support its ongoing gold exploration activities.
Panther Metals (ASX:PNT) has entered into a binding agreement to sell its Mikado Gold Project tenements to Brightstar Resources (ASX:BTR) for $350,000 in cash.
The cash transaction compares to previous internal asset structures and allows Brightstar Resources to consolidate land adjacent to its Beta operations.
"The Mikado sale delivers Panther $350,000 in non-dilutive funding from tenure that has greater strategic value to Brightstar given its location around their developing Laverton operations," said Panther Metals Managing Director and CEO Daniel Tuffin.
In conjunction with the asset sale, the two companies entered into a non-binding Heads of Agreement to evaluate a joint mining and processing pathway for the Burtville East tenure.
Under the proposed arrangement, Brightstar Resources would fund and manage development, mining, haulage, and processing activities while sharing net proceeds 50:50 following project cost recovery.
Following the announcement the Panther Metals share price was unchanged at $0.005.
The transaction aligns with Panther Metals' strategy of generating cash from non-core assets while advancing its remaining Western Australian gold properties.
Brightstar Resources is currently constructing a 1.5M tpa processing plant at Laverton after completing a $193 million equity raising to support regional development.
