Iondrive Sells South Korean Exploration Unit to Refocus on Metal Extraction Technology

Southern Gold Limited ( (AU:ION) ) has issued an announcement.

Iondrive Limited has agreed to sell its 100%-owned South Korean mineral exploration business, Korea Metal Resources Limited, via the divestment of its Singaporean holding company for upfront cash consideration of A$332,903, with completion expected by 30 April 2026. The unnamed buyer, controlled by a major Toronto-listed gold producer, will also assume intercompany loans, and the final price will be adjusted for cash and receivables on completion.

The transaction will remove about A$600,000 in annual operating costs linked to the exploration operations, completing Iondrive’s transition away from its traditional exploration activities. Management says the move will allow the company to concentrate capital and management effort on commercialising its IONSolv™ metal extraction platform and advancing its strategy in modular urban mining technology for low-emission recovery of critical minerals from various waste streams.

The most recent analyst rating on (AU:ION) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Southern Gold Limited stock, see the AU:ION Stock Forecast page.

More about Southern Gold Limited

Iondrive Limited is an Australian technology company focused on developing IONSolv™, a proprietary metal extraction platform designed for the selective recovery of critical minerals. The low-temperature, closed-loop process avoids aggressive acids and targets applications in battery materials, broader mineral processing and ‘urban mining’ of e-waste, solar panels, batteries and other end-of-life technologies.

YTD Price Performance: -51.16%

Average Trading Volume: 2,736,933

Technical Sentiment Signal: Strong Sell

Current Market Cap: A$27.22M

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