REG - ECR Minerals PLC - Receipt of A$225,000 Cash Consideration

ECR MineralsAnnouncement

05/03/2025 11:30

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RNS Number : 4846Z  ECR Minerals PLC  05 March 2025

5 March 2025

 

ECR MINERALS plc

 

("ECR Minerals", "ECR" or the "Company")

 

Receipt of A$225,000 cash in relation to sale of surplus land

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce that it has received ahead of
schedule A$225,000 cash consideration in relation to the completion of the
sale of the Company's surplus land at Brewing Lane in Victoria, Australia
("Brewing Lane").

 

The sale of Brewing Lane aligns with ECR's ongoing strategy to optimise its
asset portfolio, focusing capital and exploration efforts on its high priority
gold projects, including Blue Mountain and Lolworth in Australia and following
the announcement of its proposed acquisition of Maximus Minerals Ltd on 3
March 2025, potential additional opportunities in Canada. The divestment of
Brewing Lane strengthens the Company's balance sheet, providing additional
immediate funds for targeted exploration and production programs.

 

ECR remains focused on advancing its core exploration projects in Victoria and
Queensland, in particular planning for bringing Blue Mountain into production.
The Company will continue to provide further updates as its activities
progress.

 

Mike Whitlow, ECR's Managing Director, said: "The successful completion of the
Brewing Lane sale is a positive step for ECR, reinforcing our commitment to
unlock value from our portfolio. The sale provides immediate financial benefit
without affecting our mineral rights ownership at the Creswick project. With a
strengthened balance sheet, we look forward to accelerating our exploration
efforts across our flagship assets."

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ECR Minerals Plc                                                                                                                                                                                                                                                     Tel: +44 (0) 1738 317 693
 Nick Tulloch, Chairman

 Andrew Scott, Director

 Email:

 info@ecrminerals.com
 Website: www.ecrminerals.com
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 Allenby Capital Limited                                                                                                                                                                                                                                              Tel: +44 (0) 3328 5656
 Nominated Adviser                                                                                                                                                                                                                                                    info@allenbycapital.com (mailto:info@allenbycapital.com)

 Nick Naylor / Alex Brearley / Vivek Bhardwaj

 Axis Capital Markets Limited                                                                                                                                                                                                                                         Tel: +44 (0) 203 026 0320
 Broker
 Lewis Jones

 SI Capital Ltd                                                                                                                                                                                                                                                       Tel: +44 (0) 1483 413500
 Broker
 Nick Emerson

 Brand Communications                                                                                                                                                                                                                                  Tel: +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

 

 

ABOUT ECR MINERALS PLC

 

ECR Minerals is a mineral exploration and development company. ECR's wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100%
ownership of the Bailieston and Creswick gold projects in central Victoria,
Australia, has six licence applications outstanding which includes one licence
application lodged in eastern Victoria (Tambo gold project).

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX")
which has three approved exploration permits covering 946 km2 over a
relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approximately 120km2 in area and located within the Hodgkinson Gold
Province, 80km NW of Mareeba, North Queensland.

 

Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), MGA has the right to receive up to A$2 million in payments
subject to future resource estimation or production from projects sold to
Fosterville South Exploration Limited.

 

MGA also has approximately A$75 million of unutilised tax losses incurred
during previous operations.

 

ECR is also in exclusive negotiations to acquire Maximus Minerals Ltd for
£500,000 along with exercising that company's option over the Cat Key
advanced gold project for C$600,000.  The consideration, if the proposed
transactions complete, will be settled entirely via new ECR shares, issued at
no less than 0.33 pence per share.

 

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