Alice Queen Ltd. has agreed to sell its non-core Yarindury exploration licence in New South Wales to Alkane Resources for AU$900,000 in cash, clearing the way for the company to direct additional capital towards its flagship Horn Island gold project in Queensland.
The binding tenement sale and purchase agreement was executed through Alice Queen’s subsidiary, Monzonite Metals Pty Ltd.
Under the terms of the deal, Alkane will acquire 100 per cent of Exploration Licence EL8646 (Yarindury) free of any encumbrances.
Proceeds from the divestment will allow Alice Queen to concentrate its financial and operational resources on advancing the Horn Island gold project, alongside funding ongoing project generation and general working capital requirements.
Alice Queen Managing Director Andrew Buxton welcomed the transaction, noting it unlocks immediate value from a secondary asset while supporting the company’s primary development focus.
“We’re pleased that the company has reached this agreement with Alkane Resources, allowing us to secure value from a non-core asset, while directing further attention and capital towards our Horn Island Gold Project in Queensland,” Buxton said.
“Following the recent progress made at Horn Island, including the release of the Project Definition Study, Exploration Target and the commencement of a new drilling program, the project represents the most compelling opportunity in our portfolio and requires additional focus as we advance it towards development.”
Completion of the sale remains subject to standard conditions. These include Alkane completing technical, legal, and financial due diligence, as well as obtaining necessary regulatory, ministerial, and third-party consents.
The agreement specifies a target end date two months from execution, with provision for a two-month extension if regulatory approvals face delays.
Settlement is scheduled to occur two business days after all conditions precedent are satisfied or waived.
