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Alchemy Resources Limited ( (AU:ALY) ) has issued an update.
Alchemy Resources Limited has received a $0.5 million option payment from Newcam Minerals Pty Ltd for a six-month option to acquire a 60% stake in the Bryah Iron Ore Project in Western Australia. This agreement marks a significant milestone, providing immediate funding for exploration and validating the potential of the Bryah assets. If Newcam exercises the option, Alchemy will receive an additional $0.5 million and retain a 40% interest in the project, free carried to the decision to mine, minimizing capital risk while maintaining exposure to potential development success.
More about Alchemy Resources Limited
Alchemy Resources Limited is an Australian company operating in the mining industry, with a focus on exploration and development of mineral resources. The company holds interests in various projects, including Karonie, Lake Rebecca, Lachlan, West Lynn, and Bryah Basin Iron Ore, primarily targeting gold and iron ore deposits.
Average Trading Volume: 6,410,743
Technical Sentiment Signal: Sell
Current Market Cap: A$11.78M
See more data about ALY stock on TipRanks’ Stock Analysis page.