Cyprium Metals (ASX:CYM) agreed to sell its Cue project in Western Australia to Q Resources, according to a Friday filing with the Australian bourse.
The transaction consideration includes AU$75,000 cash payment on completion of binding documentation and transfer of the Cue tenements, per the filing.
Cyprium will also receive 1% net smelter royalty on future output. QR may buy back 50% of the royalty for AU$500,000 if it becomes publicly listed. Further, Cyprium will receive 9.9% of the shares on a public listing of QR.
The disposal concludes the strategic review into Cyprium's copper portfolio in the Murchison region of Western Australia, the filing stated.
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