Well spotted Phoenix, I saw your post and chacked the QML releases. I had forgotten completely about the QML Develin Creek sale. If the second tranche of cash and shares is coming 12 months from the sale (28 Aug 2023), then this is very material. Can't believe that ZNC board wouldn't think that more than doubling their cash at no dilution was not worth an announcement! I have been worrying that they would be thinking about a raising at current prices and that would be the end for me after many years of patience.
From 28 Aug 2023 release;
"
▪ A legally Binding Term Sheet has been executed with QML for the sale of the Develin Creek CopperZinc Project in Queensland.
▪ QML to acquire 100% interest, for up to $4.5M in cash and shares, plus additional work
commitments.
▪ The consideration includes:
▪ An up-front payment to Zenith of $1.2M cash and $1M worth of QML shares for a 51% interest.
▪ Within 12 months QML must complete 500m of diamond drilling and a detailed metallurgical
study on the existing Develin Creek Inferred Mineral Resource.
▪ At 12 months QML must pay a further $1.3M cash and issue another $1M worth of QML shares*
to Zenith for an additional 49% interest (Additional Interest Completion Date).
*The second tranche payment by QML may be adjusted down to $0.975M cash and $0.6875M worth of QML
shares, should the detailed metallurgical study show zinc concentrate grades below 50% or that a 50% zinc
concentrate grade is not commercially achievable."
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