Australia's Pearl Gull Iron hits near 15-month high on project sale

Pearl Gull Iron

04/09/2025 03:28

** Shares in Australia's Pearl Gull Iron PLG.AX rise as much as 88.9% to A$0.034, their highest level since June 14, 2024; stock last up 33.3%

** Iron ore explorer announces sale of its Cockatoo Island Project in Sydney Harbour to Buccaneer Resources, Crestlink, and JCA WA Nominees

** Sells project for A$4.5 mln ($2.92 mln) in cash, 4% equity interest in Crestlink, and a royalty payable on materials extracted from the project

** Co considers sale a "successful outcome" taking into consideration the early-stage status of co and the work and expenditure required to continue the project

** About 13.5 million shares change hands, 73.6x times the 30-day avg of 183,806

** Stock up 50% YTD, including session's moves

($1 = 1.5389 Australian dollars)

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com;))