Future Battery Minerals Acquire Coolgardie Nickel

26 March, 2024

Future Battery Minerals Acquire Coolgardie Nickel.

Future Battery Minerals (FBM) plans to acquire 85% of Coolgardie Nickel, a subsidiary of Corazon Mining. This acquisition includes Coolgardie Nickel’s rights to lithium and industrial minerals for the Miriam nickel sulphide-lithium project in Western Australia’s eastern Goldfields region.

Miriam project is strategically located adjacent to FBM’s Kangaroo Hills lithium project. The enhances FBM’s landholdings in the region. FBM will gain 85% ownership of Miriam’s lithium and industrial mineral rights. Corazon will retain 15% ownership and 100% of Miriam’s base and precious metals rights.

FBM’s acquisition offer consists of an initial payment of $2 million.

This will be divided equally between cash and FBM shares. There will be further potential for an additional $7.5 million based on achieving project milestones.

Nicholas Rathjen, FBM’s managing director, sees this acquisition as a logical step to bolster their presence in the region. Miriam project presents significant drilling prospects, with exploration set to begin in the third quarter of 2024.

Meanwhile, Corazon intends to allocate the proceeds from the divestment to furthering its Lynn Lake nickel-sulphide project and Mount Gilmore copper-gold-cobalt project. This move aligns with Corazon’s strategy to concentrate on its nickel sulphide assets in Australia and Canada, along with advancing the Mount Gilmore project in New South Wales.

The transaction is expected to be finalised by May 2024.