Albright Metals (ASX:ABR) has received notice from Catalyst Metals (ASX:CYL) of its intention to exercise an option under an asset purchase agreement.
Catalyst will acquire Albright’s remaining Bryah Basin tenements for a total consideration of $2.2 million, to be paid via a combination of cash and shares.
As reported by Mining.com.au in February, the two parties orchestrated an agreement for the sale of a large portion of the Bryah Basin tenements for $1.8 million.
Under the agreement, Catalyst is eligible to acquire Albright’s remaining tenements that account for the Bryah Basin Manganese Joint Venture (BBMJV) for an additional consideration of $2.2 million in cash and shares.
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
