Antipa Minerals (ASX:AZY) said Newmont Corporation (ASX:NEM) decided to withdraw from the farm-in agreement for Wilki gold project in Western Australia, according to a Tuesday Australian bourse filing.
Antipa will retain 100% ownership and resume management of the project effective Monday, March 3. It will go ahead with the planned drill testing of the Parklands target in the first half.
Antipa will receive a cash payment from Newmont Corporation of around AU$590,000 per the withdrawal terms.
It originally entered into the AU$60 million farm-in agreement with Newcrest, now known as Newmont Operations, in February 2020.
The firm's shares rose over 1% in early trading on Tuesday.
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