Business
Kincora Secures Funded, Successful and Motivated Partner for Mongolian Assets
Successful completion of strategic review process for Kincora's Mongolian assets has resulted in ...
About this update from Kincora Copper Limited
[{"type":"text","content":"Kincora Secures Funded, Successful and Motivated Partner for Mongolian AssetsSuccessful completion of strategic review process for Kincora's Mongolian assets has resulted in a binding Earn-In Term Sheet (Agreement) with Woomera Mining Limited (ASX: WML) (Woomera) for the Bronze Fox copper-gold projectWoomera has the right to spend up to US$4 million over a period of 5 years to earn a 80% interest and may elect to then:purchase the remaining 20% interest from Kincora for US$10 million cash consideration and a 1% Net Smelter Royalty (NSR); or,enter into a shareholders agreement whereby Kincora is free carried until the point of a Final Investment Decision (FID) for project development (minimum reserve of 1Moz gold equivalent) Woomera is a well credentialed partner with a highly successful team and strong shareholder register, and will conclude a A$2 million raising via a strongly supported placement and proposed Share Purchase Plan to support the AgreementHigh impact field program proposed from next month including new discovery and resource expansion drilling coupled with a second mining license conversion Kincora will receive A$450,000 share consideration in Woomera becoming its largest shareholder and A$100,000 cash paymentsScrip component provides highly attractive upside to success and the advancement of the fourth major porphyry district in the world-class Southern Gobi copper beltAgreement allows Kincora to focus on the flagship NSW copper-gold projects located in highly prolific Macquarie Arc and follows the strategy of doing deals with funding and technical partners to unlock the value of the existing project pipelineMelbourne, Australia--(Newsfile Corp. - August 12, 2024) - Kincora Copper Limited (TSXV: KCC) (ASX: KCC) (Kincora or the Company) is pleased have executed the Agreement that outlines the terms which Woomera, an arms length and unrelated party to Kincora, may earn into the Company's wholly owned Mongolian subsidiaries and thereby obtain exposure to the Company's Bronze Fox copper-gold project, located in the world-class and rapidly emerging Southern Gobi copper belt.Cameron McRae, Chairman of Kincora, and Sam Spring, President and CEO stated,\"Woomera has a mandate for large scale new discovery opportunities backed by a team and shareholder register with very considerable prior successes. They are a ...