Australia's Kalamazoo Resources jumps on option agreement with De Grey Mining

Kalamazoo Resources

06/02/2024 02:41

** Shares of Kalamazoo Resources  KZR.AX  rise as much as
23.7% to A$0.115, biggest intraday percentage gain since Jan 9
    ** Stock hits its highest level since Jan 16
    ** The gold and lithium explorer signs option agreement for
its Ashburton gold project in Western Australia with gold miner
De Grey Mining  DEG.AX  
    ** Says DEG will pay Kalamazoo an upfront fee of A$3 mln
($1.95 mln)
    ** Kalamazoo adds that DEG can exercise option and buy the
project for A$30 mln
    ** DEG shares drop as much as 2.1% to A$1.155, their lowest
in a week
    ** About 1.3 mln KZR shares change hands, compared with the
30-day average volume of 575,741
    ** KZR stock down 22.5% YTD, based on last close

    ($1 = 1.5399 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))