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AuKing Mining Ltd managing director Paul Williams joins Proactive’s Jonathan Jackson to discuss the company’s right to earn up to a 50% stake in Orion Resources Pty Ltd, which is acquiring the Cloncurry Gold Project in northwest Queensland.
The agreement extends a prior deal allowing AuKing to earn a 15% stake through $1.5 million in project-related expenditure. Under the new terms, AuKing must invest $5 million in project development by June 30, 2027.
Orion is finalising the acquisition of the Cloncurry Gold Project, the Lorena processing plant, and the Mt Freda/Golden Mile deposits. The company is also considering processing material from the Tick Hill mine and tailings. AuKing’s investment will support exploration, drilling, and resource estimation work, particularly at Mt Freda/Golden Mile, as well as refurbishment of the Lorena plant.
Upon completing the $5 million earn-in, AuKing and Orion will form an incorporated joint venture, with AuKing holding a 50% share. If AuKing does not meet the expenditure requirement, its interest will lapse.
Orion will fund the purchase of the Cloncurry Gold Project independently, and AuKing has no further automatic acquisition rights beyond the 50% stake.
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