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LONDON - Tectonic Gold plc (TDIM: TTAU) has announced the successful completion of the first stage of its farm-out agreement with White Energy Company Limited (ASX: WEC, OTC: WECFF), concerning the Specimen Hill project. White Energy has now earned a 51% interest in the project and is proceeding to the second expenditure commitment.
The initial commitment involved an investment of $1 million by White Energy, which has been reviewed and accepted by Tectonic. The transfer of the 51% project interest to White Energy is underway, following their fulfillment of the Stage 1 expenditure.
White Energy has also indicated its intent to meet the Second Expenditure Commitment promptly. This involves an additional $1 million investment by February 7, 2028, to earn an extra 25% interest in Specimen Hill. Upon completion of Stage 2, White Energy has the option to acquire 100% ownership of the project for an additional $2 million, while Tectonic retains a 3% perpetual net smelter royalty (NSR) on all future mineral sales from the project area.
The majority partnership of White Energy in Specimen Hill transfers all financial and operational responsibilities for its future development to them. This strategic move allows Tectonic to concentrate on finalizing the acquisition of Godolphin Exploration Limited, announced on March 17, 2025, and to advance the exploration of critical minerals in the Devon and Cornwall regions.
Brett Boynton, Managing Director of Tectonic Gold, expressed enthusiasm for the progress at Specimen Hill, noting the identification of extensive mineralization occurrences through a deep tech approach. He highlighted the company’s focus on tin and copper exploration in South East England, while their royalty interest in Specimen Hill ensures ongoing benefits for Tectonic’s shareholders.
The information for this report is based on a press release statement.
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