Niuminco Group Limited (ASX:NIU) entered into an agreement to acquire 90% stake in three mining leases at Chillagoe in Far North Queensland from Australian Finegrain Marble Pty Ltd for AUD 0.06 million on September 30, 2020. Niuminco Group Limited has agreed to make a payment of AUD 0.06 million on the first anniversary of execution of the agreement, and manage an exploration program with minimum committed expenditure of AUD 0.05 in the first year ending June 30, 2021, AUD 0.1 million annually over the next five years, and AUD 0.2 million annually thereafter for a further five years. Australian Finegrain Marble Pty Ltd will retain a 10% interest up until a “decision to mine” is made at which point it may elect to contribute in proportion to its 10% interest, convert its interest to a 2% net smelter return royalty on gold produced and a 2% royalty on gross sales receipts from other minerals produced, or sell its stake after first offering it to Niuminco Group. Australian Finegrain Marble Pty Ltd has an option to buy back the 90% interest for AUD 2 should Niuminco Group not meet the cumulative annual exploration expenditure commitments. NIU proposes to fund the acquisition from future operating income and/or borrowings and/or capital raisings. The transaction is subject to registration of the transfers with the relevant Queensland Government department.