MetalsTech Limited (ASX:MTC) Announces Expiry of Royalty Payment Obligations
MetalsTech Limited (ASX: MTC) has declared that contingent payment obligations to Arc Minerals Limited regarding the Sturec Gold Mine in Slovakia have expired. This development follows the non-fulfilment of a milestone included in a binding option acquisition agreement executed in November 2019.
Details of the Agreement
Under the terms of the agreement, Arc Minerals was entitled to a royalty of A$2 per ounce for delineated gold resources beyond 1.5 million ounces at a grade exceeding 2.5 g/t AuEq. However, as the project did not meet the performance milestone within the stipulated period from the agreement’s execution, MetalsTech is no longer required to make any payments related to this aspect.
Future Outlook
The company remains focused on advancing the Pre-Feasibility Study (PFS) for the Sturec Project and will continue to keep its shareholders informed about developments. MetalsTech Limited expresses optimism regarding the project’s future potential as it progresses.
This announcement has been authorised by the Board of Directors of MetalsTech Limited.
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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