Lightning Minerals granted Kincora Copper a nine-month exclusive option to acquire some or all of six early-stage Australian exploration licences. Kincora paid a non-refundable 100,000 Australian dollars and takes on costs during the option period. Conditional payments could bring total consideration to 450,000 Australian dollars. No licences have transferred; an acquisition requires exercise of the option and approvals.
Lightning Minerals granted Kincora Copper a nine-month exclusive option to acquire some or all of six early-stage exploration licences in Australia. Kincora paid a non-refundable 100,000 Australian dollars upfront. The agreement creates an option rather than an immediate transfer of the licences.[1], [2]
Exercising the option would require another 100,000 Australian dollars in cash and 150,000 Australian dollars in Kincora shares. Shares would be priced at a seven-day volume-weighted average. Full renewal of Boree Creek South before its August 27, 2027 expiry would trigger a further 100,000 Australian dollars in shares.[1]
Potential total consideration is therefore 450,000 Australian dollars. The share issue requires TSX Venture Exchange acceptance. Kincora will cover exploration, permitting, land-access and statutory holding costs during the option period; combined annual rent exceeds 24,000 Australian dollars.[1]
Kincora must complete at least 400 metres of diamond drilling at Boree Creek South, or other exploration sufficient to support renewal. It plans to fund drilling and option payments from approximately 13 million Australian dollars in cash. Any purchase remains subject to documentation and regulatory and ministerial approvals.[1]
