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Neometals Ltd approaches $5 million mark in share buy-back

Neometals holds a stake in Mt Marion, along with other lithium assets.
Neometals Ltd approaches $5 million mark in share buy-back
Neometals continues to snap up shares on-market

Neometals Ltd (ASX:NMT) continues its share buy-back and has now purchased circa 17.3 million shares on market for $4.86 million.

The program allows for a maximum of 28.15 million shares, leaving 10.8 million still available to be purchased.

Mt Marion

Neometals recently determined that the retention of its 13.8% equity stake in the Mt Marion Lithium Project in Western Australia is in the best interests of shareholders.

The decision comes after a period of improved offtake pricing structure and levels, and the achievement of significant project milestones.

The Mt Marion Lithium Project is owned by:

- 43.1% Mineral Resources (ASX:MIN);
- 43.1% Ganfeng Lithium; and
- 13.8% Neometals.

Minerals Resources is the project operator and Australia’s largest contract minerals processor.

Ganfeng is China’s leading, most profitable lithium producer and has secured a life-of-mine, take-or-pay off-take agreement for Mt Marion.

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