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Union Star Metals Ltd (ASX:USM)

ALERT: Price-sensitive ASX Announcement for USM
Current share price for USM : $0.010 0.001 (11.11%)+
Announcement
Release
6 Jul 2026 8:23AM
Price at Release
$0.009
Full Release
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Summary
Union Star Metals Ltd announced a binding Option Agreement with Lionex Metals Group Pty Ltd for the potential sale of the Kalgoorlie Gold Project. The agreement includes a total potential consideration of approximately A$890,000, consisting of an option fee, exercise payment, and milestone payments contingent on resource definitions. This transaction aligns with Union Star's strategy to streamline non-core assets and concentrate resources on its U.S. projects, particularly the Cobb Creek Gold Project in Nevada. The transaction is subject to various conditions precedent, including necessary shareholder approvals.
Key Points
  • Union Star Metals Ltd has entered into a binding Option Agreement with Lionex Metals Group Pty Ltd for its Kalgoorlie Gold Project.
  • The agreement includes a non-refundable option fee of A$30,000, an exercise payment of A$270,000, and up to A$570,000 in milestone payments.
  • Total potential consideration for the project is approximately A$890,000.
  • The transaction supports Union Star Metals' strategy to rationalise non-core assets and focus on its projects in Nevada, USA.
  • The Option Agreement provides Lionex an exclusive option to acquire the Kalgoorlie Project, subject to conditions precedent.
  • Union Star Metals aims to use the proceeds to strengthen its balance sheet and advance its flagship Cobb Creek Gold Project in Nevada.
  • Completion of the transaction is subject to customary conditions precedent including shareholder approvals required under ASX Listing 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.