Aurumin's sale of Mt Dimer iron ore rights to MinRes

Aurumin Limited (ASX: $AUN) has executed a binding term sheet with Polaris Metals Pty Ltd, a subsidiary of Mineral Resources Limited (ASX: $MIN), for the sale of the Iron Ore rights on four of Aurumin's Mt Dimer exploration tenements. The sale includes key terms such as cash consideration, progress payments, and a royalty on Iron Ore exported. The conditions precedent are in progress, and the Term Sheet is binding, subject to these conditions.

Aurumin's Managing Director, Brad Valiukas, on the agreement with MinRes

We are pleased to have executed the agreement with MinRes for the Iron Ore Rights at Mt Dimer. This agreement allows Aurumin to unlock further value from Mt Dimer, complementing the sale of the Mining Tenements to Beacon Minerals, and will allow further reduction of the Convertible Note. We maintain upside from both progress payments and future production and look forward to working with MinRes on the exploration programme.

Aurumin's outlook and corporate strategy

Aurumin's sale of the Iron Ore rights at Mt Dimer to MinRes marks a strategic move to unlock further value from its exploration tenements. The company aims to use the funds from this sale to reduce the outstanding balance of the Convertible Note, demonstrating a commitment to strengthening its financial position. With a focus on its Sandstone Gold Operations and Southern Cross Operations, Aurumin continues to actively explore its tenements and pursue acquisitions that complement its existing focus, aiming to create additional shareholder value.