Eastern Metals announced the sale of its Thomson Project in New South Wales to Legacy Minerals Holdings (ASX:LGM) for $200,000 in cash and a 1.5% net smelter royalty.
The agreement aims to streamline Eastern Metals’ asset portfolio, allowing the company to focus on its advanced exploration projects.
The deal includes $200,000 cash, with $50,000 payable within seven days of the heads of agreement execution date and $150,000 upon completion.
Eastern Metals will receive a 1.5% net smelter royalty on all minerals produced, with a buy-back option for Legacy Minerals.