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ARTICLE · 14 AUGUST 2020

August Australian Energy & Resources Market Update

Johnson Winter & Slattery
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On 8 August 2020, Novo Resources Corp. announced that it had entered into an agreement to acquire former ASX-listed gold producer Millennium Minerals Limited.

AustraliaEnergy and Natural Resources
Johnson Winter & Slattery
Johnson Winter & Slattery
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Mining

RECENTLY COMPLETED DEALS

Novo Resources Corp to undertake transformative acquisition

On 8 August 2020, Novo Resources Corp. announced that it had entered into an agreement to acquire former ASX-listed gold producer Millennium Minerals Limited.  Millennium owns 291km2 of prospective mineral tenure and key processing infrastructure (including a 1.5Mtpa processing plant, tailings storage facility and 230 room camp) which is adjacent to Novo's existing tenure in the Pilbara region of Western Australia.

Under the agreements, Novo will buy all shares in Millennium from IMC Resources (and related entities) for approximately A$61 million in Novo shares and warrants.  Novo will also fund the repayment by Millennium of IMC's secured debt (for approximately A$69 million).  Novo has agreed to pay IMC deferred consideration in the form of a fee on future gold production up to an amount of approximately A$20 million.

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