ECR Minerals #ECR – Sale of surplus land now unconditional

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the offer of A$225,000 for the sale of the Company’s surplus land at Brewing Lane in Victoria, Australia is now unconditional. This follows the purchaser successfully having obtained suitable financing, which was outlined as a condition to the proposed sale in the Company’s announcement on 21 November 2024. Cash settlement is anticipated to occur on or around 14 March 2025.

The monies raised from this sale will be utilised to accelerate the Company’s near-term exploration and operational activities, which in the near-term will focus on the Company’s Queensland projects at Blue Mountain and Lolworth. The sale of the surplus land was arranged directly with the purchaser and no agency commissions are payable.

Nick Tulloch, ECR’s Chairman, said: “The sale of our surplus land at Brewing Lane is part of our strategy to realise value from unused assets within ECR. The sale proceeds will be applied to our exploration and operational activities which in the near-term will focus on our Queensland projects at Blue Mountain and Lolworth. 

“We are also continuing to progress the proposed sale of our subsidiary Mercator Gold Australia Pty Ltd. and the A$75 million of tax losses held by that company. As set out in more detail in the announcement of 13 February 2025, we remain in discussions with Octo Holdings Pty Ltd in this regard but with several other parties having registered their interest.”

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ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.