Australian miner Minerals 260 has signed a binding agreement with Delta Lithium to sell its Aston lithium-rare earth elements (REE) project tenements in the Gascoyne region of Western Australia (WA).
The transaction includes a A$450,000 cash payment upon completion of the sale.
It also includes a 1.5% net smelter return (NSR) royalty on future sales of lithium and associated minerals from the site such as tantalum, caesium, beryllium and rubidium contained within the lithium-bearing ores.
The NSR royalty offers Minerals 260 shareholders long-term exposure to potential future exploration benefits at the Aston project.
The Aston project is situated adjacent to Delta’s Yinnetharra lithium project. The sale and purchase agreement stipulates 100% disposal of the tenements, which includes a total of 17 tenements listed under various codes.
The completion of the disposal is set to occur within five business days following the receipt of Ministerial consent under the Mining Act to transfer two of the tenements, or within 30 days after executing the agreement.
Until the completion of the sale, Minerals 260 is responsible for maintaining the tenements in good standing.
The sale of the Aston project aligns with the company’s strategy to focus on the exploration and development of the Bullabulling gold project, located 25km south-west of Coolgardie in WA.
The Bullabulling gold project has the potential for an open-pit mining operation. The project has a JORC 2012 mineral resource estimate of 60 million tonnes at 1.2 grams per tonne gold, equating to 2.3 million ounces of gold.
The project spans a contiguous 570km² tenement package and offers significant exploration prospects.
In April 2025, Minerals 260 raised capital before costs of $220m to develop the Bullabulling project.
