ECR Minerals (AIM:ECR) told investors it has amended the terms of a A$2 million deferred cash payment tied to its acquisition of a 50% interest in the Maddens Gold Project in North Queensland.
The AIM-listed gold exploration and development company, focused on Australia, had been due to pay the sum to vendor shareholders of Lucky Strike Mining Ventures in November, six months after completing the acquisition it announced on 18 May.
Following what it called constructive discussions with those vendor shareholders, ECR Minerals (Paleogold) will now only make the payment once it receives corresponding proceeds from gold production and sales at Maddens, removing the fixed November deadline entirely.
ECR retains a 50% beneficial interest in Lucky Strike, with the relevant shares released to ECR once the deferred consideration is paid.
The change lands as underground development at Maddens advances toward maiden production, with drilling and blasting on the main decline underway for several weeks and material already stockpiled on surface for processing.
Refurbishment of the existing plant, including installation of a 20-inch Knelson concentrator, is also progressing.
Recent underground work uncovered Jack's Reef, a newly identified quartz reef more than 50 centimetres wide in places carrying visible gold, which the company says may link the historic Maddens workings to wider mineralisation.
"Amending the fixed A$2 million cash payment that would otherwise have fallen due in November 2026 gives the Company significantly greater financial flexibility," said chairman Nick Tulloch, adding that "maiden production is now expected shortly."
ECR expects further operational updates from Maddens as underground development, processing and exploration continue.