Albright Metals (ASX:ABR) has signed an agreement to divest a large portion of its Bryah Basin tenements in Western Australia to Catalyst Metals (ASX:CYL) for a total consideration of $1.8 million.
Catalyst will pay $1 million in cash, along with $800,000 in shares. The issuance of shares will result in 105,387 shares based on the five-day volume weighted average price preceding the agreement execution.
This sale excludes the manganese mineral rights across the tenements.
Catalyst will be able to acquire Albright’s remaining tenements that make up the Bryah Basin Manganese Joint Venture (BBMJV) for an additional consideration of $2.2 million in cash and shares.
The BBMJV will retain manganese mineral rights if Catalyst elects to exercise the option.
Albright holds a 40% equity participation in the BBMJV with OM (Manganese), which includes an inferred and indicated resource estimate of 3.05 million tonnes of manganese ore @ 20.2% manganese.
Albright Metals is a mineral explorer focused on antimony, copper, gold, lithium, and manganese across Australia and Canada.
Write to Maddison Elliott at Mining.com.au
Images: Albright Metals
