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Neometals completes Mt Edwards lithium rights component of acquisition

The acquisition is strategic in nature and the tenure could host a potential lithium hydroxide facility.
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Other parts of the transaction are ongoing and expected to complete in 1-2 months

Neometals Ltd (ASX:NMT) has completed the previously detailed acquisition of Mt Edwards Lithium Pty Ltd.

Mt Edwards Lithium Pty Ltd owns 75% of the lithium rights in the Mt Edwards Lithium Project comprising 20 tenements and 100% of the lithium rights on mining lease M15/87.

The Mt Edwards Lithium Project is located 40 kilometres south of the operating Mount Marion Lithium Project of which Neometals owns a 13.8% equity interest.

READ: Neometals to acquire Mt Edwards Lithium Project

The whole transaction involves the acquisition of a combination of tenements and mineral rights covering 240 square kilometres.

It represents a strategic addition to Neometals’ spodumene sourcing pipeline to support its planned lithium hydroxide business.

Neometals is evaluating a local lithium hydroxide facility in the Kalgoorlie region to process its offtake rights from Mount Marion.

The acquisition of the Mt Edwards Lithium Project adds a prospective brownfield holding to the pipeline of potential additional sources of spodumene to support Neometals’ strategy to build an integrated lithium business.

Remaing parts of transaction continuing

Neometals and Apollo Phoenix Resources Pty Ltd are now working through the remaining conditions precedent to Neometals’ acquisition of the underlying Mt Edwards tenements and separate nickel rights package from Apollo.

Completion of that component of the acquisition is anticipated to occur within one to two months.

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