GBM Resources (ASX:GBM) has entered into a share sale and purchase agreement with a subsidiary of Evolution Mining (ASX:EVN) for the sale of the Cloncurry Project in Queensland.
The agreement comprises a cash payment of $500,000 and a net smelter royalty of up to 2% on tenements at Cloncurry, allowing GBM to retain upside exposure to the project.
The divestment is part of GBM’s strategy of unlocking value from its non-core assets, providing them with a non-dilutionary form of funding as they focus on advancing the Drummond Basin gold assets in Queensland.
GBM Resources is an exploration and development company focused on gold assets in Queensland.
Write to Amy Rotman at Mining.com.au
Images: GBM Resources
