White Cliff Minerals (ASX:WCN) has entered a conditional binding agreement with Hydrocarbon Dynamics (ASX:HCD) to sell its Great Bear Copper-Gold-Silver-Uranium Project in the Northwest Territories, Canada.
Under the terms of the agreement, White Cliffs will receive a cash payment of $1.2 million and 230 million fully paid ordinary shares in Hydrocarbon Dynamics at a deemed price of $0.02 for a total consideration of $4.6 million.
The transaction remains subject to satisfaction of a number of conditions, including shareholder approval from both parties and ASX conditional approval for Hydrocarbon Dynamics’ re-admission to the official list.
Alongside this sale, Hydrocarbon Dynamics will be renamed as Great Bear Exploration.
White Cliff Managing Director Troy Whittaker says that the sale of Great Bear is a way for the company to sharpen its focus on its flagship Rae Project.
“Proceeds from the transaction will strengthen the company’s balance sheet and directly fund the next phase of exploration and development, with upcoming drilling designed to test Rae’s true potential and scale,” Whittaker says.
“The proposed in-specie distribution enables shareholders to retain exposure to the divested asset and participate in its ongoing advancement.”
White Cliff has also made changes to its board, appointing Gavin Rezos as non-executive chairperson and Sara Kelly as non-executive director, effective from 1 March 2026. Roderick McIllree will be retiring from the board effective 28 February 2026 and taking up a role as Executive Director at Great Bear Exploration.
White Cliff Minerals is an exploration company with a focus on the Rae Copper Silver Project in Nunavut, Canada.
Write to Amy Rotman at Mining.com.au
Images: White Cliff Minerals
