LCL Resources Limited (ASX:LCL) executed a binding tenement sales agreement to acquire EL2566 License of Munga River Limited for AUD million on June 26, 2023. As part of the agreement, LCL will issue of 6,700,617 fully paid LCL ordinary shares, Grant of a 2% NSR (Royalty) to Munga on minerals extracted from EL2566. LCL has the right to purchase the Royalty for a cash payment of AUD5 million at any time.

The agreement is subject to renewal of EL2566 and transfer of title to LCL. LCL may withdraw from the agreement if completion does not occur within 6 months of signing.