Kula Gold Divests Westonia Project to Refocus on Mt Palmer

Kula Gold Limited (ASX: KGD) announced that at the time of writing it has entered into a binding agreement to sell its 100% owned Westonia Project to Forrestania Resources Limited (ASX: FRS). The project includes exploration licences E77/2756, E77/2766, E77/3234, and E77/3237.

The sale terms include an upfront cash payment of AU$500,000, with settlement due in seven days, and a deferred payment of AU$1 million contingent on the discovery of a JORC-compliant mineral resource of at least 100,000 ounces of gold or equivalent. The transaction remains subject to due diligence and customary conditions.

This divestment is consistent with Kula’s strategic focus on advancing its Mt Palmer Gold Project, where diamond drilling is currently underway. The company views this move as a way to streamline its portfolio and direct resources toward higher-priority exploration opportunities.

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