Auric Buys Specific Mineral Rights and related assets from WIN Metals for $1.2M.

Auric Mining ( ASX: AWJ) announced it has executed a Binding Term Sheet for the partial purchase of Win Metals (ASX: WIN) nickel and lithium rights within the Munda Gold Project area. The purchase includes water access rights and other related assets.

Auric Mining Managing Director, Mark English, said “We now have greater control over our destiny for open pit gold mining at the Munda Gold Project. Buying the nickel and lithium rights from WIN Metals down to the 235m RL (which is approximately 150m below surface) and having sole rights to an agreed area means we have now taken another major step forward to commencing a trial pit at Munda.”

The key highlights of the announcement are:

• Binding Term Sheet executed on 22 July 2024.
• Milestone agreement improves pathway to mining a trial pit at Munda Gold Project, potentially in Q1 2025.
• Auric now owns all mineral rights, down to 235m RL, (approximately 150m below surface) over planned mining area.
• Purchase price totals $1.2 Million, including $1.0 Million, for the nickel rights.
• Binding Term Sheet includes sole access to stored water in the 132 North pit by Auric for 3 years from settlement date and shared access for a further 5 years.
• Acquisition includes 7 tenements or applications.
• $100,000 deposit paid to WIN. Additional $600,000 payable at settlement. Further payments totalling $500,000 to be paid over next 12 months.