Riversgold Ltd (ASX:RGL) has signed an amended binding A$750,000 cash payment agreement with Mamba Minerals LLC as it looks to finalise the sale of its Alaskan gold assets.
Under the new agreement, Mamba will pay the lithium-focused RGL a full and final amount of A$750,000 in three cash instalments comprising A$100,000 by January 20, 2023; $325,000 by February 20, 2023, and $325,000 by March 20, 2023.
The final payments will give Mamba 100% ownership of the Alaskan gold assets and will extinguish the 1.5% gross revenue royalty to RGL that existed under the previous sale and purchase agreements.
“These Alaskan assets have been non-core to Riversgold for some time and we are pleased to have signed this new agreement with Mamba to complete the asset sale, Riversgold’s executive chairman David Lenigas said.
“These incoming payments will add further to Riversgold’s already strong cash reserves following its recent A$6.1 million capital raising.
"I’m also very pleased to highlight to shareholders that the company has ended 2022 with the best cash at bank that it has ever been in.”
About Riversgold
Riversgold has a lithium-focused strategy in the world-renowned Pilbara and Yilgarn cratons in Western Australia.
In 2022, RGL acquired a suite of four lithium-prospective exploration tenement applications covering 164 square kilometres in the Pilbara region.
The key Tambourah Project is underexplored and has the potential to host a major lithium-caesium-tantalum system much like the nearby Pilgangoora and Wodgina deposits.
RGL has also acquired a tenement package of 301.2 square kilometres prospective for lithium in the Southern Cross-Marvel Loch region of Western Australia including a tenement immediately bordering the Mt Holland Lithium Project (189 million tonnes at 1.5% Li2O).