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
Allenby Capital Limited
Tel: +44 (0)3328 5656
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj
info@allenbycapital.com
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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