Caerus Mineral Resources plc has sold its non-core Black Pine nickel-cobalt project and associated licences for £500,000 to Aeramentum Resources Pty Ltd.
PROJECT
Caerus said that the four Black Pine licences, comprising nickel, cobalt and copper, had no exploration expenditure budgeted in the near future.
The company added that although nickel-cobalt were essential battery metals, they were not part of the company’s current plans focused on copper-gold in Cyprus.
TERMS
The sale of Black Pine is through a combination of cash and equity in the private Australian company and at no discount to book value.
The deal means that the cash cost of the Cyprus gold mines acquisition announced in June 2021 is offset in full.
The £300,000 cash element is payable in two tranches of £30,000 immediately as a non-refundable deposit, and the balance of £270,000 on or by 31 August 2021.
The equity balance is payable to Caerus in the form of shares in Aeramentum, valued at £200,000.