Altan Rio Minerals Limited (TSXV:AMO) signed a conditional sale agreement to acquire Bullfinch Gold Project from Torque Metals Limited (ASX:TOR) for AUD 0.75 million on June 26, 2023. Under the terms, Altan Rio made a non-refundable cash payment of AUD 0.1 million upon signing the sale agreement. Conditional upon the secondary listing of Altan Rio on ASX and assignment of Torque’s Bullfinch obligations on or before December 15, 2023 (end date), Altan Rio shall on completion, at its election either: pay Torque a further AUD 0.65 million cash or issue shares to Torque to the value of AUD 0.65 million.

During the period until the earlier of completion or end date, Altan Rio shall be responsible for all expenditure commitments associated with maintaining the tenements comprising the Bullfinch Project in good standing, failing which the sale agreement shall terminate.