FinTechFunding

Ardea Resources: Signs farm-in deal with Red 5

  • Ardea Resources (ARL) has entered a farm-in joint venture agreement with ASX-listed gold producer, Red 5 (RED)
  • Under the deal, Red 5 can earn up to an 80 percent interest in Ardea’s Mt Zephyr and Darlot East gold projects in WA
  • Both of these projects are located near Red’s Darlot Gold Mine
  • To earn the 80 percent interest, Red 5’s subsidiary, Darlot Mining Company, will need to spend $2.3 million over three years
  • Ardea shares closed down 2.04 percent, trading for 4.8 cents
  • Meanwhile, Red 5 shares are up 1.92, worth 26.5 cents per share at market close
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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