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Somerset Minerals Limited (ASX:SMM)

ALERT: Price-sensitive ASX Announcement for SMM
Current share price for SMM : $0.012 0.004 (50%)+
Announcement
Release
27 Jul 2026 9:19AM
Price at Release
$0.008
Full Release
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Summary
Somerset Minerals Limited has received a confidential, non-binding indicative proposal from Lundin Gold Inc. regarding the potential acquisition of its wholly-owned Ecuadorian subsidiary, Condor Gold S.A. This subsidiary holds the Río Zarza and Valle del Inca 1 mining concessions in Ecuador, which are not central to Somerset's main exploration focus in Canada. The proposal includes a suggested exclusivity period of 90 days with a total consideration of US $5.25 million. The transaction is subject to conditions such as due diligence and documentation, with no certainty of completion. Proceeds from any potential sale would be used to advance Somerset's Canadian exploration projects. The company is continuing its strategic review of these assets and will update the market as required by ASX Listing Rules.
Key Points
  • Received a non-binding proposal from Lundin Gold Inc.
  • Proposal concerns acquisition of Condor Gold S.A. in Ecuador.
  • Includes Río Zarza and Valle del Inca 1 mining concessions.
  • Proposal suggests a 90-day exclusivity period.
  • Potential transaction valued at US $5.25 million.
  • Proceedings to focus on Canadian exploration projects.
  • Subject to due diligence and definitive documentation.
  • Ongoing strategic review; market updates as per ASX rules.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.