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The latest announcement is out from Alchemy Resources Limited ( (AU:ALY) ).
Alchemy Resources Limited has entered into a binding Heads of Agreement with Newcam Minerals Pty Ltd to develop its Bryah Iron Ore assets in Western Australia. Under the agreement, Newcam can earn a 60% interest in these assets, while Alchemy retains a 40% interest, free carried to a decision to mine. The transaction includes an initial $500,000 option payment and a further $500,000 upon execution, alongside Newcam’s subscription for Alchemy shares at a premium. This partnership is seen as transformative for Alchemy, providing immediate funding and accelerating the advancement of its iron ore projects, thereby strengthening its financial position and growth prospects.
More about Alchemy Resources Limited
Alchemy Resources Limited is a company operating in the mining industry, focusing on the exploration and development of mineral resources. The company is involved in various projects, including iron ore assets in the Bryah Basin, Western Australia, and holds interests in gold and other mineral projects.
Average Trading Volume: 7,313,863
Technical Sentiment Signal: Sell
Current Market Cap: A$11.78M
Learn more about ALY stock on TipRanks’ Stock Analysis page.