Albright Metals (ASX:ABR) has finalised the divestment of a portion of its Bryah Basin exploration tenements to Catalyst Metals (ASX:CYL).
The transaction provides Albright Metals with a total consideration of $1 million in cash alongside 105,387 shares in Catalyst Metals.
The shares were valued based on the volume-weighted average price over the five trading days leading up to the execution of the agreement.
The strategic move is designed to monetise non-core assets to fund the company’s primary international interests.
According to CEO Greg Hill, the completion of this sale provides "non-dilutive funding," allowing the company to avoid issuing new equity while still securing the capital necessary to advance its flagship Golden Pike Gold and Antimony Project located in New Brunswick, Canada.
Proceeds from the Western Australian tenement sale are earmarked specifically for the development of Golden Pike, which includes the high-grade Vail Road gold deposit.
The Canadian site remains highly prospective for gold, antimony, and base metals exploration.
By offloading the Bryah Basin assets, Albright Metals streamlines its portfolio to focus resources on its high-priority North American targets.
At the time of reporting, the share prices of Albright Metals and Catalyst Metals were $0.0040 and $7.14, respectively.