
June 23, 2024
Divestment of non-core asset will streamline Eastern Metals’ asset portfolio, enabling it to focus on exploration of its high-potential Cobar and Arunta projects
Eastern Metals Ltd (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to announce that it has signed a binding Heads of Agreement (“HoA”) for the sale of the Thomson Project in New South Wales to Legacy Minerals Holdings Ltd (ASX: LGM, “Legacy Minerals”) for $200,000 in cash and a 1.5% Net Smelter Royalty (“NSR”).
HIGHLIGHTS
- Eastern Metals has finalised a binding agreement to sell its Thomson Project in NSW to Legacy Minerals Holdings Ltd (ASX:LGM) for $200,000 in cash plus a 1.5% royalty.
- The cash sale allows Eastern Metals to focus its funds and human resources on the exploration of the Cobar and Arunta Projects.
- Approvals process is underway to drill newly identified high-priority targets at the Cobar Project in NSW, with work programs also progressing at the Arunta Project in the NT following the recent award of a co-funding grant from the NTGS1.
The sale will streamline Eastern Metals’ asset portfolio, enabling the Company to focus its funds and resources on the high-potential, advanced base metals Cobar Project in New South Wales and Arunta Project in the Northern Territory.
Eastern Metals’ Chief Executive Officer Ley Kingdom said: “The sale of the Thomson Project to Legacy Minerals represents a great outcome for Eastern Metals, providing the Company with an all- cash consideration of $200,000 plus a 1.5% NSR, while enabling us to prioritise our efforts on the more advanced assets within our portfolio.
“The prioritisation of time and funds is vital for successful exploration companies. With our prospective portfolio of tenements, we are constantly evaluating which projects have the best potential for exploration success and shareholder growth. In the near future, this includes continuing to progress Browns Reef and Home of Bullion through target generation and drilling. We wish Legacy Minerals all the best with the acquisition, which represents a complementary land position to their existing projects in NSW where they are actively exploring on a number of fronts.”
Click here for the full ASX Release
This article includes content from Eastern Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
EMS:AU
The Conversation (0)
07 October 2024
Eastern Metals
Exploring for strategic metals vital to energy security in Australian, resource-rich provinces
Exploring for strategic metals vital to energy security in Australian, resource-rich provinces Keep Reading...
31 January
Quarterly Activities and Cash Flow Reports 31 December 2024
Eastern Metals (EMS:AU) has announced Quarterly Activities and Cash Flow Reports 31 December 2024Download the PDF here. Keep Reading...
4h
Steve Barton: Silver Breakout Confirmed, Next Price Target to Watch
Steve Barton, host of In It To Win It, weighs in on silver's price breakout and next targets. He also shares his outlook for gold, copper, uranium and oil.Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest... Keep Reading...
9h
Silver Price Surges Past US$60 to Hit New All-time High
The silver price hit a new all-time high on Tuesday (December 9), rising as high as US$60.56 per ounce. The white metal's rise continues a breakout that began on November 28 after CME Group (NASDAQ:CME) halted trading on the Comex, citing a "cooling issue" at a CyrusOne data center located in a... Keep Reading...
9h
What Was the Highest Price for Silver?
Like its sister metal gold, silver has been attracting renewed attention as a safe-haven asset. Although silver continues to exhibit its hallmark volatility, a silver bull market is well underway in 2025. Experts are optimistic about the future, and as the silver price's momentum continues in... Keep Reading...
08 December
Clem Chambers: Silver Can "Easily" Hit US$100, Retail Juggernaut in Play
Clem Chambers, CEO of aNewFN.com, shares his outlook for silver in 2026. In his view, the white metal could rise as high as US$150 to US$160 per ounce. Chambers also discusses his other areas of focus right now, including gold, as well as the defense industry and tech stocks like Intel... Keep Reading...
05 December
Top 5 Canadian Mining Stocks This Week: Bayhorse Silver Runs With 73 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.Statistics Canada released November’s job data on Friday (December 5). The numbers show the... Keep Reading...
05 December
Editor's Picks: Silver Price Smashes All-time High, Nearly Hits US$60
The final month of the year has begun, and it's definitely silver's time to shine. The white metal has put on a record-setting performance that really began at the end of last week, when it broke through US$56 per ounce for the first time.Silver continued on up this week, passing the US$58 level... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00







