The $20-million sale of the Juruena gold project, in Brazil, to Keystone Resources has been successfully completed, ASX-listed Meteoric Resources reported on Tuesday.
The parties agreed to the sale in June last year, with the first tranche of $2.5-million having been received in October 2022. Following issues with the sale in April 2023, the transaction was terminated.
Meteoric said that the parties had collaborated privately and that they had reached an agreement, with the balance of $17.5-million paid over to the company.
The funding from the sale of the gold project leaves Meteoric with a cash balance of $35-million, which will be used to advance its rare earth element (REE) project.
“The non-dilutive A$27-million-plus injection of funds will allow us to continue our rapid advance towards development, including a robust drilling programme targeting heavy-REE-focused exploration, mineral resource conversion, the Caldeira scoping study, and commencement of a pilot plant to generate sufficient quantities of REE carbonate to send out to potential offtake partners for testing,” commented executive chairperson Andrew Tunks.