MELBOURNE: Dart Mining NL (ASX: DTM) has entered into a binding agreement to sell its Buckland Gold Project to Daybreak Minerals Pty Ltd for A$300,000 in cash, the company announced on Tuesday.
The transaction, structured as a sale and purchase term sheet, includes the transfer of exploration licence EL006861, retention licence RL006615, associated mining information, and two general habitat units. The sale represents a strategic move by Dart to streamline its portfolio by divesting a non-core asset.
“The sale of the Buckland Gold Project allows DTM to unlock value from a non-core asset while securing A$300,000 in cash consideration to strengthen the company’s balance sheet and support our ongoing strategic priorities,” said James Chirnside, Chairman of Dart Mining.
Under the terms of the agreement, Dart will retain a right of first refusal to provide drilling services for any future exploration activities conducted by Daybreak on the tenements. This provision ensures the company maintains an ongoing commercial link to the project post-sale.
Completion of the acquisition is subject to customary conditions, including the receipt of all necessary third-party approvals. In a related move, Dart has also agreed to grant Daybreak or its nominee the right to subscribe for up to A$500,000 worth of fully paid ordinary shares in Dart, subject to shareholder approval. The issue price for the shares is yet to be agreed between the parties.
Proceeds from the sale will be directed toward exploration on Dart’s remaining projects and for working capital purposes.
The Buckland Gold Project, located in a historically gold-producing region, has been part of Dart’s exploration portfolio but is considered non-core to the company’s long-term strategy. Daybreak Minerals, the acquiring entity, is expected to advance exploration and potential development activities on the licences.
The transaction is anticipated to close following the satisfaction of all conditions precedent.