Equinox Resources (ASX:EQN) is walking away from British Columbia, selling its Alturas Project in the Slocan mining division to CSE-listed Maxus Mining for C$300,000 in cash and another $400K in Maxus shares.
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The complete exit from Canadian exploration “streamlines Equinox’s portfolio and realises value from a non-core asset,” the company explained today.
“Divesting Alturas is a straightforward step that converts a non-core asset into cash and equity,” CEO and managing director Zac Komur said. “It lets us concentrate time and capital on delivering Hamersley in Western Australia.”
Equinox is expecting to receive the $300K cash within 15 business days of the deal going through, and will immediately inject it back into Oz-based projects.
Heading the other way, the Aussie explorer has agreed to deliver transfer documents and, likely more importantly for Maxus, the current exploration permit by October. That relevant Alturas permit remains valid until 2029.
“Maxus is the right owner for Alturas, given they’re adjacent,” Mr Komur continued, “and this agreement simplifies our portfolio and supports our focus.”
“In parallel, we are assessing opportunities while reviewing our existing projects.”
Equinox holds a flagship project in Western Australia with its Hamersley Iron Ore Project and has been working on the Mata da Corda and Campo Grande projects in Brazil. They are focused on titanium and rare earths, respectively.
EQN shares are 8.4 cents each; the company’s up +12% this month.
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