Astute Metals' strategic asset sale

Astute Metals NL (ASX:ASE) has announced the sale of its West Australian diamond assets for $125,000 in cash. This decision aligns with the company's strategy to concentrate on its primary projects, including the Georgina Basin IOCG Copper-Gold Project in the Northern Territory and the Red Mountain Lithium Project in Nevada, USA.

Astute Metals' future direction

Astute Metals NL has executed an agreement to sell its West Australian diamond assets to J.B.J Capital Pty Ltd for $125,000, focusing its efforts on key projects in the Northern Territory and Nevada. The sale includes the East Kimberley Diamond tenement and a Heavy Mineral Separation plant, along with its subsidiaries, East Kimberley Diamonds Pty Ltd and Argyle Resources Limited. This strategic move is intended to reduce cash burn and streamline the company's project portfolio, allowing management to focus on developing the Georgina Basin IOCG Copper-Gold Project and Red Mountain Lithium Project. The transaction reflects Astute Metals' commitment to optimizing its resources and enhancing its financial stability.

Chairman's insights on asset sale

I am pleased to announce the sale of our West Australian diamond assets, which will strengthen our cash position and simplify our project portfolio,' said Tony Leibowitz, Chairman of Astute Metals.