Altus Strategies said it had terminated a joint venture agreement with Sydney-listed Canyon Resources and had instead signed a new sales and purchase agreement with the company.
The new agreement transferred Altus's subsidiary Aucam Resources to Canyon.
Aucam owns the Birsok and Mandoum licences in Cameroon, which were part of a bauxite project contiguous with exploration licences owned by Canyon.
In exchange for transferring the asset, Altus would receive up to 30m Canyon shares with a current value of C$5.8m (£3.4m).
It would also receive a $1.50 per tonne royalty on bauxite ore mined and sold from the project.
At 3:04pm: (LON:ALS) Altus Strategies Plc share price was +0.4p at 3.35p