Kaiser Reef (ASX:KAU) to sell New South Wales exploration assets for up to $3.6M

Kaiser Reef agreed to divest its New South Wales exploration assets for up to $3.6 million to HearMeOut Ltd.

The assets include Stuart Town and Macquarie North tenements.

HearMeOut, which plans to relist as Resolve Exploration on the ASX in the third quarter, will pay Kaiser Reef an exclusivity fee of $25,000, $1.1 million in HearMeOut stock, $500,000 for past exploration costs, and up to $2 million in performance rights tied to resource milestones.

Kaiser will retain a 20% interest until a decision to mine is made, focusing on its core Victorian operations, notably the A1 gold mine.