GBM Resources (ASX:GBZ) executed a binding agreement for the sale of its Mt Morgan Gold-Copper Project in Queensland to Lithium Energy (ASX:LEL), according to a Thursday filing with the Australian bourse.
The deal, which also includes additional tenements from Canada-based operator of gold and copper projects Great Southern Gold, is valued at AU$2 million in cash, payable over two years, along with up to AU$1.7 million in contingent payments tied to exploration and economic milestones, the filing said.
Additionally, the agreement includes a 1.3% NSR royalty with a partial buyback option. Lithium Energy will also invest AU$4 million in exploration over two years, the filing added.
GBM will now turn its focus to its Drummond Basin gold assets while retaining exposure to Mt Morgan through royalties and contingent payments.
Shares of the company rose past 14% in recent Thursday trade, earlier hitting an all-time low.
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