Equinox Resources (ASX:EQN) has executed a binding property option agreement with Maxus Mining (CSE:MAXM) to divest its Alturas Antimony Project in Canada, as part of its strategy to streamline the group’s assets.
Under the agreement, Maxus will pay C$300,000 in cash to Equinox, as well as issue C$400,000 worth of shares.
Equinox, which has a market capitalisation of $13 million, says the divestment will provide liquidity and upside exposure through cash and shares, allowing the group to focus on delivering the Hamersley Iron Ore Project in Western Australia.
In parallel, Equinox is assessing its Brazilian projects to rank the best development options, advance the most attractive targets, and consider partnerships that accelerate value.
CEO Zac Komur says divesting Alturas is straightforward and simplifies the company’s portfolio.
“It also marks our exit from British Columbia and lets us concentrate time and capital on delivering Hamersley in Western Australia,” Komur says.
The Alturas Antimony Project, located in British Columbia, includes three tenements covering 3km2, with historical production averaging 57.2% antimony and grades reaching up to 59.5%.
Write to Aaliyah Rogan at Mining.com.au
Images: Equinox Resources
