Siren Gold's strategic transaction update

Siren Gold (ASX:SNG) has finalized the sale of its Reefton Project to Rua Gold Inc for A$22 million. This sale strengthens Siren's focus on other key projects while maintaining a substantial stake in Rua Gold.

Overview of Siren Gold's strategic shift

Siren Gold Limited has completed the sale of its Reefton Project to Canadian-listed Rua Gold Inc, a transaction valued at A$22 million. This move is intended to focus Siren's efforts on developing its Sams Creek Gold Project, which has a pending mining permit, and the Langdons and Queen Charlotte Antimony & Gold Projects. The transaction includes a cash payment of A$4 million and a 26.1% equity stake in Rua Gold, enhancing Siren's financial standing with over A$20 million in cash and investments. Rua Gold now emerges as a major landholder in the Reefton region. The strategic shift allows Siren to remain involved in the Reefton Goldfields through its significant shareholding in Rua Gold. Siren aims to advance its exploration and development plans for its core projects, promising significant potential for gold and antimony resource expansion.

Insights from Siren Gold's leadership

Siren’s Managing Director and CEO, Victor Rajasooriar, highlighted the strategic benefits of the transaction and the company’s strengthened financial position.