The acquisition of Northern Comet Resources boosts Yari’s coal resource base to over 500 million tonnes in Queensland’s Bowen Basin.
Yari Resources has entered a binding agreement to acquire 100% of the Arcadia Coal Project in central Queensland, increasing its coal resource base to more than 500 million tonnes. The deal involves purchasing Northern Comet Resources, holder of three exploration permits in the Bowen Basin.
The Arcadia project includes a 282 million tonne mineral resource estimate under JORC 2012 standards, split between 164 million tonnes indicated and 118 million tonnes inferred. Completion remains subject to shareholder approval and other conditions.
Upon finalization, Northern Comet will become a wholly owned subsidiary of Yari and will pay a 1.5% gross revenue royalty to Utopia Resources, secured by a mortgage over the project’s tenements.