Killi Resources (ASX:KLI) will no longer pursue an unsolicited acquisition opportunity that could have potentially complemented its existing exploration portfolio.
The company says in relation to a recent trading halt, it has been in preliminary negotiations in regard to a potential mineral project acquisition.
The gold, copper, and rare earths explorer says it felt prudent to halt trading given the advancing nature of discussions and ‘significant’ increase of trading volume on 20 November 2023.
Since the trading halt was granted, Killi has been unable to agree on commercial terms acceptable to both parties, therefore resulting in ceasing negotiations and no longer progressing the acquisition.
Killi notes that it is continuing to develop its existing assets and continuing to review and evaluate new projects to add to its landholding.
Killi Resources is an Australia-based precious and critical minerals explorer focused on underexplored provinces with the potential for a ‘large-scale’ new discovery.
As of 30 September 2023, the company had $1.38 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Killi Resources
