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Buxton Resources Limited ( (AU:BUX) ) has shared an announcement.
Buxton Resources has agreed to sell its remaining 49% joint venture interest in the Copper Wolf copper project in Arizona to IGO Limited subsidiaries for about A$6.15 million in cash. The deal, covering Buxton’s share of a roughly 12.5 km² JV area, will see IGO assume full ownership and operational control of that portion of the project.
On completion, the existing joint venture and farm-in arrangements will be terminated, and Buxton will be released from future liabilities and rehabilitation obligations linked to the JV ground. Buxton will retain an unencumbered 100% interest in approximately 30.5 km² of surrounding Arizona tenure, and the removal of IGO’s right of first refusal restores Buxton’s strategic flexibility to advance or transact on its Arizona copper portfolio while strengthening its balance sheet for further exploration and project generation.
The most recent analyst rating on (AU:BUX) stock is a Sell with a A$0.04 price target. To see the full list of analyst forecasts on Buxton Resources Limited stock, see the AU:BUX Stock Forecast page.
More about Buxton Resources Limited
Buxton Resources Limited is an ASX-listed exploration company focused on copper projects in Arizona, part of a globally significant porphyry copper belt. Through its wholly owned subsidiary Buxton Resources Arizona LLC, the company holds and explores multiple highly prospective tenements, including areas surrounding the Copper Wolf Project, and targets discoveries such as Wolverine, Sun Devil and Aztecs.
YTD Price Performance: 24.24%
Average Trading Volume: 516,809
Technical Sentiment Signal: Sell
Current Market Cap: A$14.15M
See more insights into BUX stock on TipRanks’ Stock Analysis page.