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Copper|Exploration
Copper|Exploration
copper|exploration

Apollo to sell Serbia copper licence to Bindi

18th September 2024

By: Creamer Media Reporter

     

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ASX-listed Apollo Minerals on Wednesday announced an agreement to transfer its rights to the Donja Mutnica licence and the Lisa licence application, in Serbia, to fellow-listed Bindi Metals.

The agreement allows for the company to focus on its two priority copper exploration assets – Studena and Kopajska Reka – also in Serbia.

Apollo explained that the assets to be divested were prospective for antimony mineralisation and were more suitable for a separate company focus.

As consideration for the divestments, Apollo would receive an initial cash payment of A$200 000 and one-million fully paid ordinary shares in Bindi, as well as the grant of a 1% net smelter royalty on Donja Mutnica.

A deferred consideration comprises A$200 000 in cash and 2.5-million fully paid ordinary shares in Bindi upon the grant and transfer of Lisa.

“This is an accretive deal for both Apollo Minerals and Bindi, allowing two prospective antimony assets to be explored by Bindi whilst Apollo Minerals retains exposure to the upside exploration potential of both Donja Mutnica and Lisa. We look forward to assisting Bindi as it makes an entry into the exciting jurisdiction of Serbia,” said Apollo MD Neil Inwood.

Edited by Creamer Media Reporter

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