Riversgold Ltd (ASX:RGL) has closed the books on its A$1.5 million non-core Alaskan asset sale after receiving the third and final payment from Mamba Minerals LLC.
The battery metals stock is focused on advancing its lithium and rare earths strategy in Western Australia’s Pilbara and Yilgarn cratons, so the recent cash injection will buoy exploration across the priority projects.
Riversgold received the last A$325,000 from Mamba this week following payments in January and February. The deposit concludes the long-awaited sale and adds some extra cash to the company’s back pocket as kicks off the 2023 drill season.
Well-funded for exploration
Riversgold executive chairman David Lenigas said: “The sale of the company’s non-core Alaskan assets has been a somewhat drawn-out process, but I’m pleased to report that Mamba Minerals LLC have finally paid for the assets in full.
“RGL has a strong cash balance following receipt of the latest payment, resulting in A$6.3 million cash at bank as at the end of the quarter."
“The company is well-funded to execute its planned exploration programs on its suite of battery minerals projects in Western Australia,” he continued.
“We have a busy second quarter planned with the drill testing of multiple rare earth targets at Mt Weld as well as lithium pegmatite targets at our Mt Holland and Tambourah projects.”