Sandfire Resources (ASX:SFR) has executed a binding sale and purchase agreement with Catalyst Metals (ASX: CYL) to sell its Old Highway Gold Project for a total consideration of AU$32.5 million, according to a Thursday Australian bourse filing.

The total consideration comprises of AU$2.5 million cash deposit payment and a AU$30 million cash payment, upon completion.

Both parties also agreed to work collaboratively to complete the transfer of accountability for the DeGrussa aerodrome to Catalyst, with Sandfire retaining access to meet its future requirements.