Kula Gold Limited (‘Kula’ or ‘the Company’) is pleased to announce that as part of its strategy to prioritisethe commercialisation studies at its 100% owned Boomerang Kaolin Project and exploration work at itsother emerging projects at Westonia, Marvel Loch and Donnybrook, the Company has entered into a bindingFarm-In Agreement (‘Agreement’) with Australian Critical Minerals Pty Ltd (‘ACM’) (ACN 658 906 159) inrespect of the Company’s non-core Rankin Dome Project comprising of three tenements being E77/2709,E77/2753 and E77/2768 (‘Rankin Dome Project’).ACM can earn up to an undivided 51% interest (‘Stage 1’) in the Rankin Dome Project, subject to conditionsprecedent (including the completion of mutual due diligence, undertaking a capital raising of at least$4,500,000 and successfully being quoted on the Australian Securities Exchange (‘ASX’) by 31 March 2023).ACM can earn Stage 1 through undertaking exploration and incurring exploration expenditure of $200,000,which shall include at least 2,000m of RC drilling, within 24 months of satisfying all the conditions precedent.Following Stage 1, Kula and ACM will have formed a Joint Venture, where Kula will have the option to retainits 49% interest and contribute to the development of the Project.
KGD Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)