Bindi Metals (ASX:BIM) has entered into an agreement with Apollo Minerals (ASX:AON) to acquire two antimony-prospective licences dubbed Donja Mutnica and Lisa in Serbia.
Both licences have been identified as prospective for antimony mineralisation and are more suitable for a separate company focus.
Antimony is most commonly used as a flame-retardant, as well as solar panels and batteries. The metal has a high light absorption and emission properties, making it ideal for use in the glass of solar panels.
Under the agreement, Bindi Metals will pay $200,000 cash and 1 million shares to Apollo’s Serbian subsidiary Edelweiss Mineral Exploration, for the Donja Mutnica licence.
Subject to being granted the Lisa licence, Bindi will issue a further $200,000 in cash and 2.5 million shares as a deferred consideration.
Bindi Metals will also grant Apollo Minerals a 1% net smelter royalty on the Donja Mutnica licence.
Apollo Minerals Managing Director Neil Inwood says this is an accretive deal for both companies, allowing two prospective antimony assets to be explored by Bindi, while Apollo retains exposure to the upside exploration potential.
“We look forward to assisting Bindi as it makes an entry into the exciting jurisdiction of Serbia,” Inwood says.
Apollo Minerals adds this latest divestment allows Apollo to focus on its two priority copper exploration assets in Serbia.
On 16 September, Bindi Metals entered into a trading halt, and on 18 September requested that its securities be placed in voluntary suspension pending an announcement in relation to an acquisition and a capital raising. The company’s voluntary suspension will end on the release of the announcement or today (19 September).
Bindi Metals is a copper and rare earths-focused explorer with projects located in tier one jurisdictions with proven geological potential.
Write to Aaliyah Rogan at Mining.com.au
Images: Apollo Minerals
