Future Battery Minerals (ASX:FBM) has completed the acquisition of the remaining 20% interest in the Kangaroo Hills Lithium Project (KHLP) from fellow ASX-listed Lodestar Minerals (ASX:LSR).
Under the acquisition agreement, Future Battery Minerals, which has a market capitalisation of $44.92 million, has paid Lodestar subsidiary Goldfellas $250,000 in cash and issued the seller 27.51 million fully paid ordinary FBM shares.
In addition, 27,505,429 performance rights will be issued, which will vest and convert into fully paid ordinary shares upon Future Battery delineating and announcing a mineral resource of at least 10 million tonnes @ 1% Li2O at the KHLP.
Future Battery says the completion of the 100% ownership in the project confirms its commitment to further exploration and to the potential development of the project.
Future Battery Minerals is an ASX-listed exploration company focused on exploring for key battery minerals such as lithium, nickel, and copper.
As of June 30 2022, Future Battery Minerals had $3.04 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Future Battery Minerals
