Corazon Mining has closed selling majority of lithium and industrial minerals rights at the Miriam Project in Western Australia to Future Battery Minerals (FBM).
This move allows Corazon to retain base and precious metals rights while advancing other key projects.
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The transaction, initially announced in March, sees FBM acquiring an 85% interest in Coolgardie Nickel, a Corazon subsidiary.
Coolgardie Nickel holds the tenement title and rights for the Miriam Nickel Sulphide and Lithium Project.
This deal provides Corazon with initial cash and FBM shares, along with performance rights to benefit from FBM’s future exploration or development success at the site.
The Miriam Project, located near Coolgardie within Western Australia’s Eastern Goldfields, is adjacent to FBM’s Kangaroo Hills Lithium Project.
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By GlobalDataThe acquisition is a strategic consolidation of land in a region known for lithium-bearing pegmatites. Corazon’s prior exploration work identified promising spodumene lithium-bearing pegmatites, making the Miriam Project a drill-ready opportunity.
The divestment’s total consideration includes A$1m in cash, with A$250,000 paid as a deposit and the remaining A$750,000 upon completion.
FBM also issued 16,129,033 fully paid ordinary shares to Corazon and granted 120,967,744 performance rights, subject to the achievement of specific exploration milestones at the Miriam Project.
The performance rights are structured to vest upon reaching various exploration successes, including drillhole intercepts and Mineral Resource estimates of significant lithium oxide (Li2O) concentrations.
FBM retains the option to settle these performance rights with either cash payments or additional FBM shares, at their discretion.
Corazon’s focus will now shift to utilising the proceeds from this sale to further develop its Lynn Lake Nickel-Sulphide and Mt Gilmore Copper-Gold-Cobalt projects, leveraging the capital and resources freed up by this divestment.
