Clara Resources Australia Ltd. has agreed to divest its Kildanga nickel-cobalt project in southeast Queensland for up to AU$1.75 million as part of its pivot towards gold.
The company has entered into an option deed and sale and purchase agreement with Gympie Goldfields Pty Ltd (GGF).
The deal aligns with Clara’s broader strategy to offload non-core assets and funnel resources into its flagship Mareeba gold project in Far North Queensland.
The transaction structure includes AU$1.25 million in staged cash payments and a further AU$500,000 deferred milestone payment.
Gympie Goldfields has already paid a AU$50,000 option fee to commence a due diligence period, which runs until April 30.
Upon exercise of the option, the buyer will provide a AU$600,000 payment on execution of the SPA, followed by a final AU$600,000 balance at completion.
The additional AU$500,000 kicker is contingent on the buyer meeting key development milestones, such as the grant of a mining lease or the delivery of an independent mineral resource estimate.
The Kildanga project, located in the Gympie region, has long been a part of Clara’s multi-commodity portfolio. However, the board has moved to simplify operations, noting that the sale removes ongoing holding costs and significantly strengthens the company’s balance sheet.
Proceeds from the sale are earmarked for an aggressive exploration campaign at Mareeba.
The divestment of Kildanga is a key step in Clara’s strategic divestment of non-core assets, with the company’s primary focus on the Mareeba gold project, where the company is soon to commence a significant exploration program.
The influx of capital will support upcoming drilling programs and resource delineation work in the north, as Clara seeks to capitalise on the current strength of the gold sector.
Completion of the sale remains subject to standard conditions and the successful conclusion of the buyer’s due diligence.
