Manhattan Corporation Limited (ASX:MHC) Announces Q4 2024 Farm-In Agreement and Financial Results
Strategic Agreements
Manhattan Corporation Limited (ASX:MHC) signed a term sheet for a Farm-In and Joint-Venture Agreement with Beatons Creek Gold Pty Ltd, a subsidiary of Novo Resources Corporation. The agreement involves a minimum A$1.5 million expenditure over two years to earn a 70% interest in the Northern Tenements of its Tibooburra Gold Project. Additionally, Continental Lithium, MHC’s subsidiary, secured surface access for exploration at the Chebogue Lithium Project in Nova Scotia, Canada, enabling drilling at the Big Betty Prospect with significant lithium assays.
Financial Performance
Manhattan Corporation concluded Q4 2024 with a cash balance of A$2.78 million and no debt. The company raised A$1.605 million through non-renounceable pro-rata entitlement shares and additional placements. Administrative and corporate outflows were A$145,000, while exploration and evaluation expenditure totaled A$123,000. Related party payments included A$33,000 for director fees and A$36,000 for CEO services.
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