Acquisition news was prevalent on the Australian Securities Exchange (ASX) last week (15–19 June), with resources companies entering, terminating, and finalising agreements aimed at maximising benefits for shareholders.
On Friday 19 June, Charger Metals (ASX:CHR) entered an agreement to sell its Bynoe Lithium Project in the Northern Territory to Core Lithium (ASX:CXO) for a total consideration of $4.75 million.
Core Lithium’s wholly owned subsidiary BLPL will acquire Bynoe for $3.75 million payable on completion of the sale and purchase agreement, followed by $1 million payable within 10 days of an inferred resource estimate of at least 8 million tonnes grading a minimum of 1% lithium oxide and the granting of a 1% gross revenue royalty to Charger.
Charger’s gross revenue royalty is capped at $10 million for revenue generated from lithium products sourced from Bynoe.
The project is located within Core Lithium’s Finniss Lithium Project, where the company commenced a diamond drilling campaign at the Blackbeard prospect also on Friday, as reported by Mining.com.au.
Agreements terminated
On Thursday 18 June, Voltaic Strategic Resources (ASX:VSR) shared that it had regained full ownership and control over the Ti Tree Lithium Project in Western Australia, following the termination of an earn-in and joint venture agreement.
Along with its former joint venture partner Delta Lithium (ASX:DLI), Voltaic terminated the agreement, which dated back to March 2024.
The parties mutually agreed to terminate the agreement, effective immediately.
Voltaic Chairman Daniel Raihani says the company is grateful to Delta for its partnership at the Ti Tree Project.
“Voltaic now takes back 100% control of the highly prospective Ti Tree portfolio within the Yinnetharra regional lithium district and we look forward to progressing some highly prospective drill targets,” Raihani says.
“The company will analyse and review all of the exploration data compiled by Delta Lithium and identify LCT (lithium-caesium-tantalum) targets to progress and drill.”
Meanwhile on the very same day, Infinity Metals (ASX:INF) entered an option agreement to acquire the Swansea Copper Mine in Arizona from privately held Koala Resources.
The exclusive agreement is exercisable over a two-year period for staged consideration.
Infinity has already paid an option fee of US$27,000 ($38,600), which will be followed by payments of US$10,000 at each of the six-, 12-, and 18-month anniversaries from the execution date.
The company will also pay US$25,000 cash at settlement, along with $200,000 in shares.
If Infinity achieves a JORC-compliant resource of at least 20,000 tonnes of contained copper within five years of execution, it will be required to pay a further US$25,000 in cash and $100,000 in shares.
Infinity is conducting a $2.25 million placement to support acquisition costs, along with permitting and exploration activities at Swansea and continued exploration at its existing Australian portfolio.
Swansea had a historical production of around 29 million pounds at 2.43% copper prior to its closure in 1937.
Luck of the Irish
On Wednesday 17 June, Zinc of Ireland (ASX:ZMI) completed the acquisition of Meclex, offering the buyer direct access to the latter’s two proprietary hydrometallurgical metal recovery technologies: ARGO and VOLTA.
The two technologies directly address environmental and regulatory pressures regarding the pyrometallurgical process, offering potential low-temperature, low-emission alternatives.
Zinc of Ireland has recommenced test work programs for VOLTA, with ARGO test work set to begin next month.
Meanwhile, the company is raising $5.5 million through a placement to support the development of ARGO and VOLTA, while progressing ongoing exploration at Kildare.
In the placement, Zinc of Ireland will issue shares at $0.01 each, of which 466.55 million shares have been allotted, with the remaining 83.45 million shares to be allotted.
Directors of the company have subscribed for a total of $550,000.
CEO Greg Ross says Zinc of Ireland is now able to accelerate commercial and developmental plans to become a “key provider for metals recovery technologies” following this acquisition and funding.
“Multiple test work streams for the ARGO technology will commence in July in Europe and are already underway in Australia, with a focus on key near-term development milestones, from collaborations with both world-renowned laboratories and major industry participants,” Ross says.
“Work is also continuing on the commercialisation of the VOLTA technology, and we anticipate gaining further market traction in the coming months as the pilot and demonstration plants come online.
“The company is well placed to capitalise on the growing regulatory constraints on the battery recycling industries in Europe, with further opportunities opening up in the US.”
Another gem in Redcastle’s crown
On Tuesday last week, Redcastle Resources (ASX:RC1) executed its earn-in and joint venture agreement to acquire a 60% stake in the Kilkenny Belt Package
the company’s footprint in the Eastern Goldfields in Western Australia.
Redcastle will pay $59,000 in cash, issue 500,000 shares, and deploy $1.25 million in exploration expenditure over a two-year period, which will begin following the completion of the requisite heritage surveying program.
Activities will be funded under a 60:40 basis through an unincorporated joint venture following the earn-in period, with Redcastle to provide joint venture management.
The transaction expands the company’s portfolio of contiguous tenements in the Eastern Goldfields by around 6,419 hectares of non-overlapping tenement interests.
Redcastle has begun target generation activities at the package with early field work planned to begin in H2 2026. An initial drilling program is expected to begin in H1 2027, which will be self-funded by the cashflow generated from Redcastle’s mining operations at Redcastle Reef.
Chairman Ray Shaw says the transaction secures the company’s regional consolidation strategy as it focuses on “transitioning from explorer to active gold producer”.
“With mining now underway at Redcastle Reef, the company is focused on building a broader platform capable of supporting ongoing exploration, resource growth, and future development opportunities with reduced reliance on external capital,” Shaw says.
“Kilkenny represents an important component to this longer-term vision.”
Write to Maddison Elliott at Mining.com.au
Images: Charger Metals & Meclex
