GWR Group Ltd. (ASX:GWR) has agreed to vary its Binding Term Sheet agreement with Gold Valley Iron Ore Pty Ltd to assist GV with its cash flow requirements and increase the prospective consideration to be received by GWR.
The new agreement will guarantee GWR a minimum payment of $756,000 per month for 36 months, or until 3,000,000 tonnes of iron ore have been sold or shipped, and a significant increase in the royalty being paid over the first 10,000,000 tonnes.
GWR Chairman, Gary Lyons, commented that he is pleased with the outcome of the negotiations, and the agreement will take effect on or before 14 January 2023.
Following the announcement, shares of GWR Group (ASX:GWR) were unchanged at $0.054.