Heavy Rare Earths (ASX:HRE) has completed the acquisition of an 80% initial interest in the uranium rights within the Radium Hill, Lake Namba-Billeroo, and Prospect Hill project areas from Havilah Resources (ASX:HAV).
The company in October 2024 first announced plans to acquire ‘three Highly prospective uranium projects in South Australia’.
The transaction involves Heavy Rare Earths earning an 80% initial interest in the uranium rights on three projects by spending $3 million over three years, including a minimum of $1 million in the first year, on exploration and development activities.
The company has also now issued the consideration securities and introducer securities, as approved at the 2024 AGM.
Heavy Rare Earths is an Australian rare earth and uranium exploration and development company. Its key exploration project is Cowalinya, near Esperance in Western Australia.
Write to Adam Orlando at Mining.com.au
Images: Heavy Rare Earths
