Platina Resources receives US$2M Owendale sale payment
- Platina Resources completed its transaction with Rio Tinto after receiving the final US$2 million payment for the Owendale Scandium Project.
- The final funds brought the total proceeds received by the company from the transaction to US$14 million.
- The company plans to direct the proceeds towards gold exploration across its Western Australian projects.
Platina Resources (ASX:PGM) has received a final US$2 million payment from a subsidiary of Rio Tinto (ASX:RIO) to complete the sale of the Owendale Scandium Project in New South Wales.
The latest instalment follows an initial US$7 million received upon sale completion in August 2023, a US$4 million milestone payment in July 2024, and a US$1 million warranty retention payment in December 2025.
“The receipt of this final US$2 million payment provides Platina with the financial capacity to fund meaningful exploration while maintaining a strong balance sheet,” said Platina Resources Managing Director and CEO Dr Paul Polito.
Under the original sale agreement, the cash consideration comprised upfront funding, milestone structures, and a warranty retention amount.
Platina stated that the capital will support its ongoing exploration activities across key assets in Western Australia.
Following the announcement the Platina Resources share price was unchanged at $0.022.
The company is concentrating its exploration efforts on its primary gold portfolio located in the Laverton district of Western Australia. The exploration targets include the Mt McKenna, Sunrise Bore, and Mt Morgans South projects.
