Kairos Minerals (ASX:KAI) has received the second and final AU$10 million payment from PLS Group (ASX:PLS), completing the AU$20 million sale of six prospecting licenses and the mining lease application M45/1307 at its Mt York gold project in Western Australia, according to a Monday filing with the Australian bourse.

The company received the initial AU$10 million payment on Sept. 5, 2024, upon completion of the transaction, while the final AU$10 million was released following the grant of PLS' mining lease on Jan. 22, per the filing.

The company has also entered into a royalty deed with PLS under which it will receive a 2% gross revenue royalty on all products, including lithium, tantalum, and gold from M45/1307, payable in perpetuity from the lease grant date, the filing said.

The company plans to release the main hill extension drilling results, update the mineral resource estimate with compiled geological and assay data, and complete resource estimation for the Mt York Gold Project.

The company will also engage with PLS on a main hill extension mining lease, continue exploration across its PLS and Pincunah licenses, appoint key pre-feasibility study (PFS) personnel, and review all studies and timelines to deliver the Mt York gold project pre-feasibility study, the filing added.