NewPeak Metals Ltd (ASX: $NPM) announcement

NewPeak Metals Ltd (ASX: $NPM) has announced the sale of 100% of its interest in the Company's Finnish subsidiary company, which holds the portfolio of Sweden Strategic Mineral permits. The sale is part of the Company's strategic rejuvenation plans and is structured to close by 31 August 2024. As consideration for the sale, NewPeak will receive CAD$250,000 in shares of the Canadian listed company upon execution of the Transaction Documents, followed by a milestone payment of CAD$750,000 in cash or shares on reporting a JORC Inferred Resource of minimum 3mt at 0.3% WO3Eq.

Executive Commentary on the Sale of Sweden Mineral Permits

The Board is most pleased with this outcome, particularly because the Sweden mineral assets came as a no-cost addition to the original acquisition of the Finland Gold projects. We are divesting the Sweden properties as a part of the Company's rejuvenation plans, however NewPeak shareholders benefit from both the sale process and the exposure to any future project upside via our shareholding in the buyer. This completes the exit from Scandinavia, with only the Argentinian Gold assets remaining for divestment. Discussions are underway, though we maintain our position that the Argentine Gold assets have good potential, and we may progress them ourselves.

Summary of NewPeak Metals Ltd (ASX: $NPM) Announcement

NewPeak Metals Ltd (ASX: $NPM) has entered into a Binding Term Sheet to sell its interests in the suite of Sweden Strategic Mineral permits held by its Finnish subsidiary company. The sale is part of the Company's strategic rejuvenation plans and is structured to close by 31 August 2024. The Chairman, Brian Moller, expressed satisfaction with the outcome, highlighting the minimal funds outlaid on field exploration and resource evaluation for the Sweden mineral assets. The Company is optimistic about its future focus on Critical Mineral business plans and aims to clean up the Balance Sheet through resolutions at the upcoming Extraordinary General Meeting. The Company also looks forward to the completion of the $500,000 Placement and the closing of the currently open Rights Issue, which will position it well for the future.