Beacon Minerals (ASX:BCN) entered into an amendment and novation deed regarding the Geko Tenements in Western Australia, which it originally acquired in December 2022, according to a Wednesday Australian bourse filing.
Beacon Minerals and Beacon Mining entered into a further amendment and novation deed with Geko Pit and Geko Explore.
The original tenement sale agreement has been novated to Geko Explore, which replaces Geko Pit in all its capacities under the agreement.
The amendment also extended the completion date under the agreement to Dec. 31, 2029, from Dec. 31, 2028, and may be further extended if the company does not receive the required approvals.
Beacon also agreed to pay Geko Explore a royalty of 4% of the value of gold for a quarter on any gold mined and recovered from the tenements above the initial 43,000 ounces of gold mined and recovered by Beacon.
All remaining ore stockpile material on the tenements is owned by Beacon, the filing added.
Beacon Minerals' shares rose past 13% in recent trade on Wednesday.
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