Kelaray Pty Limited entered into an agreement to acquire 70% stake in Torrens exploration project (EL6407) in South Australia from Aeris Resources Limited (ASX:AIS) on June 9, 2023. Kelaray will acquire the joint venture interest in return for a 2.5% net smelter royalty. The transaction is subject to standard conditions precedent, including ministerial approval of the transfer of the tenement. As a result of the transaction, the carrying value of Torrens will be fully written-off, resulting in an impairment of AUD 1.7 million.

Kelaray Pty Limited completed the acquisition of 70% stake in Torrens exploration project (EL6407) in South Australia from Aeris Resources Limited (ASX:AIS) during the quarter ended September 30, 2023.