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Classic Minerals Ltd. ( (AU:CLZ) ) has provided an update.
Classic Minerals Limited has entered into a binding agreement to sell its Kat Gap tenements to Bain Global Resources Pty Ltd for A$7.0 million, subject to shareholder approval. The proceeds will be used to retire debt and fund further exploration of other project areas. The sale aligns with Classic’s strategy to focus on its core projects while Bain, in partnership with Mega Resources, intends to develop Kat Gap into full production. Classic will retain the current processing plant to expedite processing capabilities, and must satisfy ongoing ASX requirements to maintain its listing.
More about Classic Minerals Ltd.
Classic Minerals Limited is a company operating in the mining industry, primarily focused on gold exploration and production. It is involved in projects like the Lady Ada and Lady Magdalene gold areas, and has recently made strategic moves to enhance its financial and operational standing.
YTD Price Performance: 0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: €923.7K
See more data about CLZ stock on TipRanks’ Stock Analysis page.
