Red Rock Resources (AIM:RRR) announced on October 15 that it has agreed to sell its gold exploration licences in Ivory Coast to Australia’s Dalaroo Metals (ASX:DAL) in a conditional share-based deal worth approximately AUD715,500 ($465,000).

Under the agreement, Dalaroo will acquire 100% of LacGold Resources SARLU, Red Rock’s Ivorian subsidiary holding its exploration licences and applications. Red Rock will receive 13.25mn Dalaroo shares, priced at AUD0.054 each, upon completion of due diligence and shareholder approval. The transaction also includes a Resource Definition Royalty of AUD2 per ounce on any future Indicated Resource.

The licences, held by LacGold Resources, lie within the Birimian greenstone belt, a gold-rich geological zone extending across West Africa into Ghana, Mali, and Burkina Faso. The assets were valued at £123,863 in Red Rock’s December 2024 interim report and are subject to an existing 1.5% net smelter return royalty.

Red Rock chairman Andrew Bell said the company had received three offers for the Ivory Coast licences and chose Dalaroo “as our preferred partner,” adding that the sale allows Red Rock to monetise non-core assets while retaining upside exposure through equity and future royalties.

“We see the [Ivorian] assets as highly prospective but given their considerable size, and our other commitments, we believed their sale under a partnership model to an aggressive explorer was our best way forward. This was a part of our portfolio that was not regarded by shareholders as significant to our prospects,” he said.

Dalaroo Metals is primarily focused on copper and nickel exploration at its Namban and Lyons River projects in Western Australia. The issue of 13.25mn shares will give Red Rock an estimated 6–7% stake in the company, based on its current share capital.

The transaction remains subject to Dalaroo’s shareholder approval and the completion of due diligence, with settlement expected within five days of satisfaction of these conditions and no later than December 31, 2025.