Resources & Energy Group signs zero capital gold mining deal

• Resources & Energy Group signed an agreement with Rembrandt Mining for gold production at the Maranoa Gold Deposit.
• Rembrandt Mining will fund 100% of development costs, removing financial risk for the company.
• The agreement allows management to focus resources on accelerating growth at its other gold prospects.

Resources & Energy Group (ASX:REZ) signed a gold mining agreement with Rembrandt Mining.

The agreement features a sliding scale profit share starting at 50/50 for a $3,000 per ounce gold price.

Rembrandt Mining will fund 100% of the development costs, leaving REZ with zero initial capital commitment.

The company retains 100% tenement ownership, while Rembrandt operates as a contract operator under the agreement.

The company stated that this structure preserves its capital for exploration growth at its other gold projects.

Following the announcement, the Resources & Energy Group share price was down at $0.016.

The business previously completed a reverse circulation drilling programme at its nearby Goodenough gold deposit to expand resources.