Beacon Minerals Limited (ASX: BCN) has entered into a binding offer letter setting out the terms of a proposed earn-in and joint venture arrangement in relation to the Lady Ida Gold Project. This arrangement will allow Beacon to acquire up to a 100% interest in the project.
The Lady Ida Gold Project is located approximately 29km from the company’s Jaurdi Gold processing plant, which is situated around 50km west of Kalgoorlie. The earn-in and joint venture will significantly increase the company’s existing mine life.
Beacon has entered into an agreement with Geoda Pty Ltd and Lamerton Pty Ltd (together, GL) to enter into an earn-in and joint venture agreement in relation to the Lady Ida Project. This agreement will allow the Company to acquire up to 100% of the Lady Ida Project from GL.
The Lady Ida Project consists of M16/262, M16/263, M16/264, L15/224, L16/58, L16/62, L16/103, and applications L16/138 and L16/142.
GL acquired a beneficial interest in the Lady Ida Project on 23 September 2023. GL is currently awaiting transfer of the legal interest in the Tenements by the Department of Mines, Industry Regulations and Safety (DMIRS) which is expected to occur shortly.
Geoda Pty Ltd (Geoda) and Lamerton Pty Ltd (Lamerton) are related parties of Beacon as Lamerton is controlled by managing director, Graham McGarry and Geoda is controlled by non-executive director, Geoff Greenhill. The earn-in and joint venture agreements are therefore subject to, amongst other matters, all related party shareholder approvals being obtained by the company. Such approvals will include shareholder approval pursuant to Listing Rule 10.1.
To read more about this, please visit www.beaconminerals.com.au
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