MetalsTech milestone update

MetalsTech (ASX:MTC) has announced that it did not meet a specific milestone related to its Sturec Gold Mine project, which would have triggered a royalty payment to Arc Minerals Limited. The timeframe for this milestone has expired, relieving MetalsTech of any contingent payment obligations.

Overview of MetalsTech's announcement

MetalsTech Limited has revealed that it did not achieve a milestone that was part of a binding option acquisition agreement with Arc Minerals Limited. The milestone involved delineating gold resources above a specified threshold within a set timeframe, which has now expired. As a result, MetalsTech is no longer under any contingent royalty payment obligations. The company continues to focus on the Sturec Gold Mine development and will update shareholders as the Pre-Feasibility Study advances. This development allows MetalsTech to allocate resources effectively as it pursues its strategic goals.

Executive commentary on milestone outcome

We are pleased to continue our focus on the development of the Sturec Gold Mine without the added financial burden of the contingent royalty payment. Our team remains committed to advancing the project and keeping our shareholders informed as we progress with the Pre-Feasibility Study.