Eastern Metals divests Thomson Project to focus on high-potential projects

Eastern Metals Ltd (ASX: $EMS) has finalized the sale of its Thomson Project in New South Wales to Legacy Minerals Holdings Ltd (ASX: $LGM) for $200,000 in cash and a 1.5% Net Smelter Royalty. The divestment aims to streamline Eastern Metals' asset portfolio, allowing the company to concentrate its resources on the exploration of the Cobar and Arunta Projects.

Executive Commentary on Thomson Project Sale

The sale of the Thomson Project to Legacy Minerals represents a great outcome for Eastern Metals, providing the Company with an all-cash consideration of $200,000 plus a 1.5% NSR, while enabling us to prioritize our efforts on the more advanced assets within our portfolio. The prioritization of time and funds is vital for successful exploration companies. With our prospective portfolio of tenements, we are constantly evaluating which projects have the best potential for exploration success and shareholder growth. In the near future, this includes continuing to progress Browns Reef and Home of Bullion through target generation and drilling. We wish Legacy Minerals all the best with the acquisition, which represents a complementary land position to their existing projects in NSW where they are actively exploring on a number of fronts.

Summary of Eastern Metals' Thomson Project Sale

Eastern Metals has successfully finalized the sale of its Thomson Project in New South Wales to Legacy Minerals Holdings Ltd for $200,000 in cash and a 1.5% Net Smelter Royalty. The divestment will allow Eastern Metals to focus its funds and resources on the high-potential, advanced base metals Cobar Project in New South Wales and Arunta Project in the Northern Territory. The company's Chief Executive Officer, Ley Kingdom, emphasized the importance of prioritizing time and funds for successful exploration, highlighting the evaluation of projects with the best potential for exploration success and shareholder growth. Eastern Metals looks forward to progressing Browns Reef and Home of Bullion through target generation and drilling, while wishing Legacy Minerals success with the acquisition.