Kairos receives final $10m Mt York sale payment from PLS, cash rises to ~$35m

Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF, FRA:YAJ) has received the 2nd and last $10 cardinal outgo from PLS Group Ltd nether the parties’ Tenement Sale Agreement, lifting the company’s currency equilibrium to astir $35 million.

The outgo relates to six prospecting licences and the overlying mining lease exertion M45/1307 associated with Kairos’ Mt York Gold Project successful Western Australia, which were sold to PLS for full information of $20 cardinal nether the statement dated 30 July 2024. Kairos received the archetypal $10 cardinal on September 5, 2024, pursuing completion of the transaction.

The last outgo — paid successful currency astatine PLS’ predetermination — was triggered by the assistance of PLS’ mining lease M45/1307 connected January 22, 2026.

In addition, the companies person executed a royalty deed implicit the granted lease, with Kairos to person a 2% gross gross royalty from immoderate merchandise sold from M45/1307, including lithium, tantalum and different minerals specified arsenic gold, connected a perpetual ground from the assistance date.

Chairman Simon Lill said the strengthened equilibrium expanse would enactment continued de-risking astatine Mt York, including pre-feasibility enactment tied to an updated assets estimate, and expanded exploration crossed surrounding crushed — covering 367 km² of PLS tenements and 168 km² of the Pincunah licences and application.

“This is different large result for Kairos and comes connected the backmost of our ain mining lease assistance implicit Mt York. To person $35m successful the slope sets the institution up to proceed de-risking Mt York done pre-feasibility enactment based connected an updated assets estimation for the project," Lill said.

“The further funds besides springiness america a sizeable exploration fund implicit an enlarged Mt York area, wherever we volition commencement exploring the 367km2 of PLS tenements, and the 168km2 of the Pincunah tenements and exertion — all of which necktie up the prospective loop astir Mt York. ”

Kairos outlined adjacent steps including:

• Review and merchandise results from Main Hill Extension drilling program

• Compile each geological and assay information successful mentation for updated Mineral Resource Estimate

• Complete mineral assets estimation implicit the full 4,200m-long Mt York Gold Project

• Engage with PLS regarding a mining lease exertion covering Main Hill Extension

• Continue exploration implicit the 367km2 of PLS licences and exertion and 168km2 of the Pincunah Project licences and application.

• Appoint cardinal survey unit to advancement the Pre-feasibility Study (PFS) work

• Review each cardinal studies and timeframes to present Mt York Gold Project PFS.