Clara Resources Australia (ASX:C7A) has formalised a strategic shift in its exploration portfolio by entering into an option deed and sale and purchase agreement for the divestment of its Kildanga Ni-Co Project.
Located in the Gympie region of South-East Queensland, the project is being sold to Gympie Goldfields for a total potential consideration of $1.8 million.
The transaction structure includes $1.3 million in staged cash payments and a further $500,000 deferred milestone payment, contingent upon the delivery of an independent mineral resource estimate.
The divestment marks a definitive move by the board to exit non-core assets and streamline operations.
By offloading the Kildanga nickel-cobalt interests, Clara aims to aggressively pursue its primary focus: the recently acquired Mareeba Gold Project in Far North Queensland.
The proceeds from the sale are earmarked to bolster the company’s balance sheet and provide the essential working capital required to accelerate exploration activities at Mareeba.
Under the terms of the agreement, the buyer has been granted an option period for due diligence ending April 30.
An initial $50,000 option fee has already been paid to Clara; should GGF choose not to exercise the option, Clara will retain this fee.
If the deal proceeds, the remaining purchase price will be settled through a $600,000 payment upon SPA execution and a final $600,000 balance at completion.
At the time of reporting, Clara Resources Australia's share price was $0.0030.