Apollo Minerals Divests Assets to Fund Drilling

Bindi Metals Ltd. (AU:BIM) has released an update.

Apollo Minerals Limited has announced the divestment of two Serbian exploration licenses, the Donja Mutnica and the Lisa, to Bindi Metals Limited, enabling Apollo to concentrate on its priority copper projects in Serbia. The transaction includes $400,000 in cash, 3,500,000 Bindi shares, and a 1% net smelter royalty, which ensures Apollo retains an interest in the potential success of the assets. These proceeds will primarily fund Apollo’s upcoming drilling programs, including a 600m drilling initiative at the copper-rich Studena site.

For further insights into AU:BIM stock, check out TipRanks’ Stock Analysis page.