Kingfisher Mining to sell Gascoyne assets to Dreadnought Exploration

Kingfisher Mining has signed a binding word expanse to divest its full involvement successful 12 exploration licences successful Western Australia's Gascoyne portion to Dreadnought Exploration, a subsidiary of Dreadnought Resources.

The transaction, valued astatine A$2m ($1.42m), volition beryllium settled done the issuance of afloat paid mean shares successful Dreadnought Resources.

Additionally, Kingfisher could person up to A$1.5m successful performance-based currency payments contingent connected assets definitions.

Kingfisher retains a important involvement successful the uncommon world assemblage done its shareholding successful Dreadnought and volition payment from aboriginal milestone currency payments.

The divestment is portion of a strategical realignment intended to bolster Kingfisher's fiscal presumption and accelerate exploration efforts successful New South Wales (NSW) amid favourable commodity marketplace conditions.

The Copper Blow task adjacent Broken Hill stands retired arsenic a cardinal absorption wrong Kingfisher’s NSW portfolio.

Recent drilling astatine Copper Blow has revealed the hold of high-grade copper-gold mineralisation implicit a 600m onslaught length.

Significant assay results see intersections specified arsenic 13m astatine 1.2% copper and 0.26 grams per tonne golden from 23m from 25CBRC_073.

Under the presumption of the merchantability agreement, Kingfisher volition transportation afloat ineligible and beneficial ownership of the tenements, on with each applicable mining information, to Dreadnought.

The statement encompasses 2 show milestones. Kingfisher stands to gain A$500,000 if an inferred Joint Ore Reserves Committee assets exceeding 10 cardinal tonnes (mt) astatine 1% TREO is announced connected immoderate tenement by Dreadnought. A further A$1m is payable upon defining much than 20mt astatine the aforesaid people criteria.

Settlement of this transaction is taxable to modular conditions specified arsenic regulatory approvals and third-party consents.

Pareto Advisory, arsenic an autarkic third-party consultant, volition beryllium compensated with A$20,000 successful currency and Dreadnought Resources shares valued astatine A$60,000 for providing instauration and facilitation services.

Kingfisher managing manager Chris Bittar said: “This transaction is simply a win-win for Kingfisher. It instantly frees up captious funds to absorption our vigor and resources connected processing our breathtaking NSW copper, gold, silver, zinc and pb projects.

“We person ever believed successful the imaginable of the Gascoyne, but we recognise that these tenements are amended served arsenic portion of a larger, unified task wherever the existent worth of the assets tin beryllium unlocked successful a much businesslike and timely manner.”

In August 2024, the institution commenced co-funded diamond drilling astatine Mick Well carbonatite targets successful the Gascoyne region.