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Katoro signs term sheet for Imweru, Lubando gold project sales

Katoro Gold PLC said Aug. 22 that it signed a term sheet to potentially sell the unit holding its Imweru and Lubando gold projects in northern Tanzania to Lake Victoria Gold Ltd.

Subject to due diligence and a definitive agreement, the company will sell its wholly owned Reef Miners Ltd. unit, which holds the two projects, for up to US$1.0 million in stages and a 1.5% net smelter royalty. Katoro may opt to receive part of the consideration in shares of Lake Victoria Gold.

Katoro said the proposed disposal is part of its strategy to develop a portfolio of battery metals-focused assets.

The company claimed that its recent acquisition of the Haneti nickel project in Tanzania attracted "significant interest" from investors and that it is looking at further opportunities to capitalize on demand from the sector.