REG - ECR Minerals PLC - Sale of surplus land now unconditional

ECR MineralsAnnouncement

21/02/2025 07:00

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RNS Number : 9422X  ECR Minerals PLC  21 February 2025

21 February 2025

 

                                            ECR MINERALS plc

 

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

 

Sale of surplus land now unconditional

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce that the offer of A$225,000 for
the sale of the Company's surplus land at Brewing Lane in Victoria, Australia
is now unconditional. This follows the purchaser successfully having obtained
suitable financing, which was outlined as a condition to the proposed sale in
the Company's announcement on 21 November 2024. Cash settlement is anticipated
to occur on or around 14 March 2025.

 

The monies raised from this sale will be utilised to accelerate the Company's
near-term exploration and operational activities, which in the near-term will
focus on the Company's Queensland projects at Blue Mountain and Lolworth. The
sale of the surplus land was arranged directly with the purchaser and no
agency commissions are payable.

 

Nick Tulloch, ECR's Chairman, said: "The sale of our surplus land at Brewing
Lane is part of our strategy to realise value from unused assets within
ECR. The sale proceeds will be applied to our exploration and operational
activities which in the near-term will focus on our Queensland projects at
Blue Mountain and Lolworth.

 

"We are also continuing to progress the proposed sale of our subsidiary
Mercator Gold Australia Pty Ltd. and the A$75 million of tax losses held by
that company. As set out in more detail in the announcement of 13 February
2025, we remain in discussions with Octo Holdings Pty Ltd in this regard but
with several other parties having registered their interest."

 

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
 Ben Tadd / 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.

 

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