Business
Specimen Hill Farm Out Update
Specimen Hill Farm Out Update.
About this update from Tamar Minerals Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n31 March 2025TECTONIC GOLD PLC(“Tectonic” or the “Company”) SPECIMEN HILL FARM OUT UPDATE Tectonic Gold plc (TDIM: TTAU), is pleased to announce the completion of Stage 1 of the farm out of the Company’s Specimen Hill project to ASX listed White Energy Company Limited (ASX: WEC, OTC: WECFF) (“White Energy”) and notification that White Energy is proceeding immediately towards satisfying the Second Expenditure Commitment . Highlights: \tFirst Expenditure Commitment ($1 million ) completed\t\t\tWhite Energy has earned 51% interest in Specimen Hill\t\t\tWhite Energy moving immediately to Second Expenditure Commitment \t\t\tWhite Energy to spend a further $1 million to earn an additional 25% and option to acquire\t\t\t 100% project ownership for a further $2 million \tTectonic retains 3% perpetual net smelter royalty (NSR). White Energy has advised that minimum expenditure for Stage 1 of the Farm In Agreement dated 6 February 2024, has been met. Expenditures have been reviewed and accepted by Tectonic and filings will be made to transfer a 51% project interest to the White Energy group. White Energy have also advised that they will move immediately towards satisfying the Second Expenditure Commitment of an additional $1 million by 7 February 2028, in order to earn a further 25% interest. On completion of Stage 2, White Energy may acquire the remaining interest project for a $2 million cash consideration, with Tectonic retaining a 3% NSR on all future mineral sales from the project area. White Energy is the majority partner in the project and holds all financial and operational responsibility for future development. This allows Tectonic to focus all attention on closing the Godolphin Exploration Limited acquisition, announced 17 March 2025, and development of the Devon and Cornwall critical minerals portfolio. Mr. Brett Boynton, Managing Director – Tectonic Gold Plc “White Energy have completed substantial work on advancing the Specimen Hill project and have identified extensive mineralisation occurrences. The deep tech approach has yielded exciting results and we look forward to the results of further exploration and drilling currently being planned.. Tectonic’s royalty interest enables our shareholders to retain a meaningful the...