Viking Mines (ASX:VKA) has entered binding agreements to divest its non-core First Hit Gold Project to First Au (ASX:FAU).

The agreement encompasses the divestment of 12 tenements for a total transaction value of $5 million, including $2.2 million in upfront consideration comprising $1.2 million in cash and $1 million in shares, followed by up to $2.8 million in performance rights.

Performance rights will be payable progressively as First Au achieves defined drilling and resource milestones on the tenure.

First Au will assume a minimum of $500,000 drilling commitment at the project within 12 months of acquisition completion.

Read the full article here: https://mining.com.au/viking-mines-divests-first-hit-to-first-au/?utm_content=427141590&utm_medium=social&utm_source=linkedin&hss_channel=lcp-20373487