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)
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 2024

Download the PDF here.

Silver bar chart going up.

5 Silver Stocks With Dividends

Silver is a notoriously volatile metal capable of wide price swings in either direction. However, the metal is also seen by many as a safe-haven investment and a hedge against inflation.

While investing in silver bullion is one popular method for gaining exposure, silver-mining companies offer another route.

Silver-mining companies with strong balance sheets and experienced management teams are able to capitalize on high silver prices and weather the storm of low silver prices. Some of the most profitable silver-mining companies are even able to offer investors dividends, which may be appealing for those who are in it for the long haul.

Keep reading...Show less
Rapid Successfully Undertakes $10.5M Capital Raising to Fund Acquisition of the Webbs and Conrads NSW Silver Projects

Rapid Successfully Undertakes $10.5M Capital Raising to Fund Acquisition of the Webbs and Conrads NSW Silver Projects

Rapid Critical Metals Limited (‘Rapid,’ ‘RCM’ or ‘Company’) is pleased to announce that the Company has received firm commitments from institutional, sophisticated and professional investors for the placement of 437,500,000New Fully Paid Ordinary Shares (New Shares) at an issue price of A$0.024 per new share (post 12-for-1 consolidation) to raise gross proceeds of A$10.5 million (Placement). The Placement comprises two tranches:

Keep reading...Show less
Silver bars with rising chart, "Weekly Editor's Picks" text overlay.

Editor's Picks: Silver Price Hits 13 Year High, Gold Takes a Breather

Gold was on the decline this week, closing just below US$3,370 per ounce, after tensions in the Middle East pushed it past the US$3,430 level toward the end of last week.

All eyes were on the US Federal Reserve, which in a widely expected move left interest rates unchanged on Wednesday (June 18) following its two day meeting. The central bank cut rates in December 2024, but has kept them steady for its last four gatherings.

US President Donald Trump wasn't pleased, calling Powell "too late" in a Thursday (June 19) post on Truth Social. While speculation that Trump will fire Powell has died down, the president did recently say he intends to announce his next pick for the Fed leader position "very soon."

Keep reading...Show less
Silver metallic dice spelling "ETF" against stock chart background.

10 Silver ETFs for Every Investing Style in 2025

Investors looking for exposure to the silver price and silver-mining companies should consider silver exchange-traded funds (ETFs).

Spurred by moves in the gold market, safe-haven buying as well as increasing demand from industrial sectors, silver saw strong price movements in the first half of 2025, breaching US$37 per ounce for the first time since 2011.

While silver has often been seen as a more approachable precious metal owing to its lower per ounce price, its performance has lagged gains seen in the gold price over the past few years. However, silver stole some of the spotlight in the second quarter of 2025 as it saw significant gains on the back of geopolitical tension and economic uncertainty from the US trade and tariff policy.

Keep reading...Show less

Latest Press Releases

Related News

×