Eastern Metals

Thomson Project Sold for $200,000 Plus 1.5% Net Smelter Royalty

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)
Eastern Metals

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...
Quarterly Activities and Cash Flow Reports 31 December 2024

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...
Andy Schectman, gold and silver bars

Andy Schectman: Silver Price Breaking Out, Room to Run by Every Metric

Andy Schectman, president of Miles Franklin, breaks down recent silver market dynamics, including the massive rise in entities standing for delivery of physical metal, increased CME Group (NASDAQ:CME) margin requirements and China's silver export controls. "We're beginning to see at the highest... Keep Reading...
Silver and gold chess pieces on a board with a dark background.

China's New Export Policies Boost Silver's Strategic Metal Status

The silver price has reached unprecedented levels as rising demand collides with a persistent supply deficit.Nations around the world are taking note, with China increasing its restrictions on silver exports in an effort to secure domestic supply for key industries. The country launched an... Keep Reading...
Pile of silver coins and a bar, featuring eagle and face engravings.

Silver Price Surges Past US$89 to Hit New All-time High

The silver price hit a new all-time high on Tuesday (January 13), rising as high as US$89.19 per ounce. The white metal's most recent rise continues a breakout that began on January 9 on a mixed bag of economic uncertainty, rising geopolitical tensions in Venezuela and Iran and underlying... Keep Reading...
Silver bars in front of newspaper showing high price performance.

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...
Mercado Minerals (CSE: MERC)

Mercado Minerals Announces Initiation of Inaugural Field Exploration Program at Copalito

Mercado Minerals Ltd. (CSE: MERC) ("Mercado" or the "Company") is pleased to announce that it has officially commenced its first field exploration program. The Company's technical team has mobilized to the Copalito Project ("Copalito" or the "Project") in Sinaloa, Mexico, where they will execute... Keep Reading...
  Unico Silver Limited

La Negra SE delivers exceptional drill results

JDD113-25 returns 107m at 165gpt AgEq from 18m, the best hole for 2025.

Unico Silver Limited (“USL” or the “Company”) is pleased to report assay results for 31 holes (4,782m) as part of an ongoing drill program at the Company’s 100%-owned Joaquin Project in Santa Cruz, Argentina. HIGHLIGHTSInfill and extensional drilling at La Negra SE confirms broad, shallow zone... Keep Reading...

Interactive Chart

Latest Press Releases

Related News