Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Sunrise Resources agrees sale of 29 Nevada mining claims
(Sharecast News) - Sunrise Resources announced an agreement for the sale of 29 mining claims dedicated to diatomite in the Crow Springs area of Nevada on Tuesday, to Dicalite Management Group. The AIM-traded firm said the total purchase price amounted to $0.15m, with an initial payment of $75,000 on the transfer of the claims, already received by Sunrise.
It said the remaining $75,000 was contingent on Dicalite's submission of a mine plan of operations to the Bureau of Land Management.
The claims encompassed surface deposits of diatomite, strategically positioned for evaluation as a feed source for Dicalite's Basalt diatomite processing plant, located about 85 kilometres away by road.
Sunrise said it retained a royalty of $6 per dry ton of diatomite mined and extracted from the claims.
Dicalite held an option to acquire that royalty for a lump sum of $0.5m following the 10th anniversary of the first royalty payment.
Sunrise said Dicalite, a privately-owned enterprise, operates as a vertically-integrated international industrial minerals company, with mining and processing facilities across the United States and Europe.
The board noted that the agreement explicitly excluded Sunrise's County Line Diatomite Project claims, which remained under its ownership.
"We are pleased to sell these non-core claims and add another royalty interest to our portfolio," said executive chairman Patrick Cheetham.
"The sale is consistent with our policy to generate 100% owned attractive exploration projects at very low cost to be sold or joint ventured to other companies, and to mitigate risk from over exposure to any one project or resource.
"We have already done this successfully with our Garfield and Stonewall Projects with additional royalties built into the lease and option agreements on our Jackson's Wash and Pioche Projects."
Cheetham said the company's out-of-pocket expenses to date in securing and maintaining the Crow Springs diatomite claims were less than $25,000.
"We believe that Dicalite has the ability and ambition to turn this royalty to account in a relatively short time frame with production slated for its Basalt, Nevada processing plant."
At 1025 BST, shares in Sunrise Resources were down 3.16% at 0.05p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.