Pantoro (ASX:PNR) has completed the sale of its Halls Creek Project, in Western Australia to Kimberley Minerals Group (KMG) for AU$8 million, according to a Friday filing with the Australian bourse.
The payment terms include an initial AU$3 million paid upon completion, followed by AU$2 million due one year after completion, and another AU$2 million payable two years later, the filing said.
Additionally, a 1% royalty, capped at AU$1 million, will begin 24 months post-completion.
The deferred payments are secured by a mortgage over the Halls Creek Project tenure, the filing added.
The gold producer also retains a 15% free carried interest in the nickel and platinum group elements on the project under a mineral rights agreement, with this interest extending to the first production at the area.
The Halls Creek Gold Project was placed on care and maintenance in June 2023.
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