Alice Queen Limited has agreed to divest its non-core New South Wales exploration asset to Alkane Resources Limited in a $900,000 cash transaction.

Under the binding agreement, the company’s 90%-owned subsidiary, Monzonite Metals Pty Ltd, will transfer Exploration Licence EL8646, known as Yarindury, free of encumbrances. The deal redirects capital and operational attention toward the company’s flagship Horn Island Gold Project in Queensland.

Completion of the sale remains subject to several conditions precedent, including financial, legal and technical due diligence by Alkane, alongside necessary regulatory, ministerial and third-party consents. The parties have set a two-month window from the execution date to satisfy or waive these conditions, which can be extended by a further two months if approvals experience delays. Final settlement is scheduled to occur two business days after all conditions are satisfied or waived.

Alice Queen also holds the Kaiwalagal gold project in Queensland alongside its primary operations at Horn Island. The company is advancing a multi-phase drill program targeting up to ~5,000 metres at Horn Island, building on recent technical studies and resource definitions.

"We're pleased that the Company has reached this agreement with Alkane Resources, allowing us to secure value from a non-core asset, while directing further attention and capital towards our Horn island Gold Project in Queensland. Following the recent progress made at Horn Island, including the release of the Project Definition Study, Exploration Target and the commencement of a new drilling program, the project represents the most compelling opportunity in our portfolio and requires additional focus as we advance it towards development."

— Andrew Buxton, Managing Director

Read the full announcement: Alice Queen Divests Non-Core NSW Asset