Enova greenlights Brazilian tenements acquisition

Enova Mining (ASX:ENV) will be proceeding with an option agreement, following confirmation that due diligence has de-risked the Poços, Juquia, Resplendor, Carai, Santo, Antônio, and Salinas East permits in Brazil. 

On 18 December 2023, Enova, which has a market capitalisation of $13.45 million, entered into a binding option agreement with vendors B Geologia E Mineração LTDA (RTB), Mineração Paranaí, and Rafael Viola Mottin to acquire these Brazilian tenements. 

Under the agreement, Enova has made a $30,000 cash payment and will also make a $120,000 cash payment to RTB. 

The company will also issue 190 million shares and 100 million unlisted options at $0.012 with a 5-year expiry date, to RTB within 5 days after shareholder approval. 

Enova will be finalising and distributing a notice of general meeting to shareholders as soon as possible. 

Upon receiving shareholder approval, Enova can complete the transaction and transfer of assets to a Brazilian registered Enova-held company. 

The company says that on completing due diligence, the land package is considered prospective and of ‘exceptional’ exploration value. 

Further, the assets provide a sound basis to expand on Enova’s operations in a ‘positive’ mining business environment like Minas Gerais, Brazil. 

The majority of the tenements strategically sit in Brazil’s prolific Poços de Caldas / Caldeira Rare Earth Complex and Lithium Valley in Minas Gerais. 

Enova Mining is a minerals explorer focused on its critical minerals and rare earths assets.

Write to Aaliyah Rogan at Mining.com.au        

Images: Enova Mining
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.