Sunshine Metals (ASX:SHN) has completed the sale of its Triumph Gold Project in Queensland to Dart Mining (ASX:DTM).
Under the sale and purchase agreement, Sunshine Metals has received $950,000 cash and 83.33 million shares in Dart Mining. The company had previously received an initial $50,000 deposit when the agreement was signed.
Sunshine Metals, which has a market capitalisation of $19 million, says this divestment allows the company to focus its funds and efforts on its flagship Ravenswood Consolidated Project, while also retaining upside in Triumph via its stake in Dart, which now stands at 13.93%.
Managing Director Damien Keys says the sale represents a win-win for both companies.
“Sunshine can focus on Ravenswood while retaining leverage to Triumph via our holding in Dart and Triumph is progressed by the capable team at Dart,” Keys says.
“A resource upgrade/update at Liontown is due in December 2024 and drilling results from Highway East/Truncheon expected soon after.”
Sunshine Metals is focused on the discovery and development at its projects in Queensland. The Ravenswood Consolidated Project lies within a district that has produced over 20 million ounces of gold and 14 million tonnes of volcanic massive sulphide ore.
Dart Mining is focused on evaluating and developing projects considered prospective for precious and base metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Sunshine Metals
