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Regener8 Resources NL (ASX: R8R) (Regener8 or the Company) is pleased to provide an update regarding the East Ponton Future Metals Project (Project).
Further to the Company announcing the extension of the option to acquire the Grasshopper and Seven Sisters prospects (ASX Announcement 6 June 2024), the Company is pleased to advise that a Heritage Agreement has been executed with the Upurli Upurli Nguratja Aboriginal Corporation (UUNAC). UUNAC is the registered
native title body corporate determined to hold native title rights and interests in the area within the East Ponton project tenements are located.
A key provision of this agreement enables Regener8 to follow an established protocol and pathway to access the tenements and advance cultural heritage surveys in anticipation of drilling at the project’s priority targets as soon as practicable.
As part of the compensation associated with the Heritage Agreement, UUNAC are eligible to be issued up to 1 million shares in Regener8 upon milestone conditions being achieved as follows:
• 100,000 shares upon signing of heritage agreement;
• 100,000 shares upon completion of 5,000m of drilling within the project area;
• 150,000 shares upon exercising the Company’s option agreement with Beau Resources to acquire the Grasshopper and Seven Sisters tenements;
• 250,000 shares upon completion of 15,000m of drilling within the project area; and
• 400,000 shares upon declaring an inferred resource estimate in any commodity within the project area.
All shares are subject to a 12 month escrow period from the date of issue and will be issued pursuant to the Company’s placement capacity under ASX Listing Rule 7.1.
Managing Director of Regener8, Stephen Foley, comments:
“Execution of the Heritage Agreement with UUNAC is a significant milestone for the East Ponton Project. It is a culmination of joint efforts between the parties over the last 12 months, set against a backdrop of grant of native title, relationship building and moving targets of heritage acts. This is an important step for Regener8
following our intrinsic approach to explore on country in a climate, community and culturally sensitive manner.
We thank the UUNAC for efforts to this point and look forward to collaborating over the coming months as we seek to commence exploration on our priority targets.”