Mineral Resources (ASX: MIN) has completed the sale of 100% of Exploration Permits (EP) 368 and 426 to Hancock Prospecting and confirmed receipt of initial consideration of $780 million.
Separately, MinRes and Hancock have agreed to form two 50/50 exploration joint ventures over MinRes’ remaining exploration permits in the Perth Basin and Carnarvon Basin, with Hancock to purchase 50% of the MinRes Explorer drill rig and associated infrastructure. Completion of those arrangements, including payment of an additional $24 million consideration, is expected to occur in the first quarter of calendar 2025.
As announced on 31 October 2024, a potential purchase price adjustment of up to $327 million is subject to meeting certain resource thresholds and classification for the Moriary Deep prospect and Lockyer gas and Erregulla oil discoveries.
Definition drilling for the Moriary Deep prospect is underway in the onshore Perth Basin and further drilling for Lockyer-6 will be completed during FY25.
