Killi Resources (ASX: KLI) has received positive news regarding the sale of its Balfour Project to Black Canyon Limited.
The company confirmed that the Deferred Consideration Milestone has been achieved with the company to receive $300,000 worth of BCA shares, with the total consideration received by Killi for the project totalling $500,000 (issued as BCA shares).
On 27 November 2023, Black Canyon announced a maiden Mineral Resource of 103 MT @ 10.4% Mn containing 10.7Mt of manganese at the Balfour Project and confirmed it had achieved the Milestone for the Deferred Consideration Shares to be issued pursuant to the Tenement Sale Agreement.
With the issue of these shares, Killi will become the second largest single shareholder in Black Canyon Limited with a 4.38% holding
This is a great outcome for Killi, where the full value of the agreement has been met,” Killi CEO Kathryn Cutler said.
“As part of the Tenement Sale Agreement, Killi had already earnt a shareholding in Black Canyon, and with this milestone met, the Company will become the second largest shareholder in BCA.
“The deal has seen the project explored and provided our shareholders exposure to another commodity market.
“Killi retains its rights to the copper on the project, with no financial or operational commitment, and enabling Killi to focus exploration efforts in Queensland and the Kimberley, exploring for gold, copper, and rare earths’.
“We congratulate Black Canyon on reaching this milestone and look forward to them progressing the development of the projects over the next 12 to 18 months.”
