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Cazaly Resources Limited ( (AU:CAZ) ) has issued an announcement.
Cazaly Resources has entered into an agreement with Dundas Minerals for the sale and joint venture of its Romano greenfields gold project in Western Australia, allowing Dundas to earn an 80% interest by spending $2 million on exploration over two years. In return, Cazaly will receive upfront consideration of $500,000 in cash and Dundas shares, potential milestone payments of up to a further $1.2 million in cash and shares as tenement applications are granted, and retain a free-carried 20% stake through to completion of a positive feasibility study, enabling the company to monetise a non-core asset while concentrating capital and management attention on its flagship Goongarrie project.
More about Cazaly Resources Limited
Cazaly Resources Limited is an ASX-listed mineral exploration company focused on gold projects in Western Australia. Its portfolio includes the Goongarrie gold project as a lead asset, alongside earlier-stage greenfields exploration holdings such as the Romano project near the Gruyere gold mine in the state’s north-eastern Goldfields region.
Average Trading Volume: 1,831,002
Technical Sentiment Signal: Buy
Current Market Cap: A$18.58M
See more insights into CAZ stock on TipRanks’ Stock Analysis page.