Sunshine Metals Limited (ASX:SHN) Completes Triumph Gold Project Sale
Transaction Completion
Sunshine Metals Limited (ASX:SHN) has successfully completed the sale of its 100% interest in the Triumph Gold Project to Dart Mining NL (ASX:DTM). The final consideration for the transaction amounts to $950,000 in cash and 83,333,333 fully paid ordinary shares in Dart, resulting in Sunshine holding a 13.93% stake in Dart.
Focus on Ravenswood
This strategic move allows Sunshine to concentrate its resources on the Ravenswood Consolidated Project while maintaining exposure to Triumph through its equity ownership in Dart. Sunshine’s Managing Director, Dr Damien Keys, stated, “Sunshine’s core focus is at Ravenswood which has a substantial high-grade gold and base metal Resource and a plethora of exciting large-scale exploration targets.” He further noted that a resource upgrade at Liontown is expected in December, alongside anticipated drilling results from Highway East and Truncheon. Dr Keys added, “The sale of Triumph represents a win-win for both businesses.” The shift ensures that the Triumph project is progressed by Dart’s capable team while Sunshine focuses on its flagship project.
Future Outlook
Sunshine plans to leverage the proceeds and shareholding to advance its strategic interests further. The company is optimistic about ongoing exploration activities that promise to enhance the value of its existing projects, particularly at Ravenswood.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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