Kingfisher Mining Sells Gascoyne Assets to Dreadnought Exploration for A$2M
Kingfisher Mining has agreed to sell its 12 exploration licences in Western Australia's Gascoyne region to Dreadnought Exploration for A$2 million, with additional performance-based payments possible. The transaction aims to strengthen Kingfisher's finances and support exploration efforts in New South Wales, particularly at the Copper Blow project. Kingfisher retains a stake in Dreadnought and potential future cash payments.
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Kingfisher Mining will divest its entire stake in 12 exploration licences in Western Australia's Gascoyne region to Dreadnought Exploration for A$2 million, payable in shares. An additional A$1.5 million may be earned through performance-based cash payments contingent on resource definitions.
This divestment aims to enhance Kingfisher's financial position and accelerate exploration efforts in New South Wales, focusing on the Copper Blow project. Kingfisher will transfer ownership of the tenements and relevant mining information to Dreadnought under the sale agreement, which includes performance milestones related to resource definitions.
Pareto Advisory will receive A$80,000 for facilitation services. Kingfisher has commenced diamond drilling at Mick Well carbonatite targets in August 2024.
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