Upon receipt of the second tranche of cash consideration, the project’s ownership will be fully transferred to Muccanabout. Credit: Jose Luis Stephens/Shutterstock.

Askari Metals has signed an agreement with Muccanabout to sell a 100% interest in the Callawa project in Western Australia (WA).

The project includes the granted E45/5842 and the application-stage E45/6053, situated in the Pilbara region.

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Initially, Muccanabout has to pay A$55,000 ($36,980) plus goods and services tax (GST) in cash in five business days after executing the legally binding sale agreement.

A subsequent payment of A$70,000 (plus GST) is scheduled six months from the agreement’s execution date.

Should Muccanabout fail to fulfil the second payment, it will not acquire any interest in the tenements.

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In such a case, the parties are considered to have withdrawn from the agreement, meaning the second payment will no longer be due, and all further rights and obligations under the contract will cease.

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However, upon receipt of the second tranche of cash consideration, the project’s ownership will be fully transferred to Muccanabout, marking the completion of the sale process.

Askari managing director Gino D’Anna said: “Execution of this agreement with Muccanabout aligns with our mandate to streamline the operations of the Company which is focused on uranium and lithium exploration in Tanzania and Namibia.

“The company continues to evaluate other opportunities to monetise its Australian-based exploration projects portfolio which will provide long-term capital savings to the company and enhance operational transparency. In line with this, the company has also implemented a number of cash preservation initiatives.”

Earlier in 2024, Askari, through its wholly owned unit Infinum Uranium, acquired the Matemanga uranium project in southern Tanzania.