In a strategic move to rejuvenate its operations, diversified mineral exploration junior NewPeak Metals has signed a term sheet to sell its Swedish mineral permits. The ASX-listed company is set to divest 100% of its Finnish subsidiary, which holds the portfolio of Sweden permits. This decision follows the recent sale of their Finland gold permits, marking the company’s complete exit from Scandinavia.
The buyer, an unlisted Canadian private company led by resources entrepreneur Emma Fairhurst, will acquire NewPeak Sweden. Upon the execution of the transaction documents, NewPeak will receive C$250,000 in shares of the Canadian entity. Additionally, a milestone payment of C$750,000 in cash or shares will be made once a resource of at least three million tonnes at 0.3% tungsten is reported.
The transaction is scheduled to close by August 31. NewPeak anticipates that the rights from the private company will be assigned to a publicly listed Canadian entity by the close of the transaction.
NewPeak chairperson Brian Moller expressed satisfaction with the deal, highlighting that the Swedish mineral assetswere a no-cost addition to the original acquisition of the Finland Gold projects. He noted that despite minimal expenditure on field exploration and resource evaluation, the results showed significant potential.
The Swedish assets include seven exploration permits covering a total area of 11,012 hectares in the historical tungsten mining field of Bergslagen, near the city of Grängesberg. These permits encompass the Yxsjöberg, Gubbo, Hörken, Högfors, Sandudden, and Gänsen prospects.
With its exit from Scandinavia, NewPeak Metals now focuses on its Argentinian gold assets, the last remaining for divestment. The company is currently in discussions regarding these assets but maintains that they hold substantial potential, and NewPeak may continue to develop them independently.
