Moho Resources (ASX:MOH) has executed a binding sale and purchase agreement with privately held Qld Aus Graphite for the sale of the Empress Spring Project in western Queensland.
The Empress Springs Project, covering 3,403km2, is an early-stage asset located 25km south of the town of Croydon in Queensland.
Under the agreement, Moho will receive a total consideration of up to $1.258 million, including an initial payment of $258,000 in cash upon completion of the acquisition. The transaction is expected to be completed within 10 days.
Moho says the project encompasses remote tenements with high exploration costs which do not align with its financial strategy and capacity. As such, the sale aligns with the company’s objective and will enhance its balance sheet as it reviews its current project portfolio and explores new opportunities.
Qld Aus Graphite will grant Moho a 1% net smelter return royalty on the area covering the project.
Moho Resources is a diversified mineral explorer focused on discovering and developing projects across Australia. The company’s portfolio of assets are considered prospective for gold, nickel, copper, platinum group metals, and rare earths.
Write to Aaliyah Rogan at Mining.com.au
Images: Moho Resources
