Armada Metals (ASX:AMM) has completed its due diligence to obtain lithium exploration projects in Brazil, South America and will move forward with negotiations.
The $5.2 million market capitalisation company says this includes working to execute longform documentation in relation to obtaining the permits from vendor Antares Minerais Estratégicos.
The permits cover an area of about 17,000 hectares in the eastern portion of Minas Gerais State in Brazil.
Armada says the transaction offers an opportunity to diversify both geographically and into lithium, while remaining in the critical metals space.
The company’s assets sit in various African mining jurisdictions, including Gabon, Tanzania, Zimbabwe, and South Africa. Assets include the Nyanga Project, the Bend Nickel Project, and various deposits.
As of 30 September 2023, Armada Metals had $2.069 million cash and cash equivalents at hand, according to its latest quarterly report.
