Red Hill Minerals (ASX:RHI) signed a heads of agreement with Eastern Metals (ASX:EMS) to acquire a 1.5% net smelter royalty over Legacy Minerals' (ASX:LGM) Thomson project tenements in New South Wales, according to a Monday filing with the Australian bourse.
The company is required to make a one-time cash payment of AU$220,000 to Eastern Metals upon completion of the transaction, the filing said.
The tenements were acquired by Legacy Minerals in June 2024, with Eastern Metals granted the royalty as part of the transaction, according to the filing.
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