Platina Resources Limited (ASX: PGM) announced today it has received the final US$2 million payment from Rio Tinto, completing the sale of its Owendale Scandium Project in New South Wales. This payment brings the total proceeds from the transaction to US$14 million. Platina Resources is an Australian-based company focused on advancing early-stage metals projects through exploration, feasibility, and permitting towards development, creating shareholder value by monetising projects through either sale, joint venture, or development.
The successful completion of the financial consideration stemming from the August 2023 sale provides Platina with enhanced financial flexibility. Dr Paul Polito, Managing Director and CEO of Platina, stated that the receipt of this final payment equips the company with the capacity to fund significant exploration activities while maintaining a robust balance sheet. He emphasised that the immediate exploration focus is on Platina’s gold portfolio within Western Australia’s prolific Laverton district, specifically advancing the Mt McKenna, Sunrise Bore, and Mt Morgans South projects.
Dr Polito outlined the company’s objective to achieve a substantial mineral discovery, committing to drill targets meeting technical and commercial criteria and directing capital towards high-potential opportunities for shareholder value. Concurrently, Platina is actively evaluating complementary acquisition and joint venture prospects to expand its portfolio and discovery potential. The US$14 million in total payments from the Owendale (now Burra) sale comprised US$7 million on completion in August 2023, a US$4 million milestone payment in July 2024, a US$1 million warranty retention payment in December 2025, and the recently received US$2 million final payment.
