
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
Alert Options
No alert set
INN Article Notification
Alert Option
You will be notified when this event occurs. No additional settings needed.
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 2025
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...
11 August
Smart Silver Strategies: Investing in the Dual Identity Metal
It’s time for silver mining investment to shine.As one of the world’s most prominent precious metals, silver presents as a key element in both the industrial and financial sectors. Its usage in powering electronics, solar panels and even medical devices makes it a compelling investment.Amidst... Keep Reading...
31 July
Silver Sector M&A Hits US$14.3 Billion As Miners Hunt for Growth
After five years of stagnant dealmaking, the silver mining sector underwent an aggressive US$14.3 billion consolidation wave since 2024. Data compiled by Metals Focus shows that announced transaction values surged from a negligible US$244 million over the preceding five-year window to US$14.3... Keep Reading...
28 July
Steve Penny: Silver at Key Inflection Point, What's Next for Price?
Steve Penny, founder of SilverChartist.com, shares his outlook for silver and gold, saying that while he expects much higher prices in the long term, the near and even medium term could bring more sideways movement for the precious metals. Penny also shares his current approach to oil, uranium... Keep Reading...
28 July
Silver Storm Ships First Concentrate from La Parrilla
Silver Storm Mining (TSXV:SVRS,OTCQB:SVRSF) dispatched its first commercial shipment of lead-silver and zinc concentrates from the La Parrilla mine in Mexico, marking the complex's official return to commercial production.The initial batch of ore through La Parrilla’s sulphide circuit yielded a... Keep Reading...
23 July
Silver Miners Post Record Q2 Output Despite Volatility
Silver prices fell more than 22 percent in the second quarter of 2026, as high volatility and macroeconomic pressures pulled the metal down from its earlier heights.However, top miners insulated their balance sheets by turning to production, driving record throughputs and strong operational... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00







