Olympio Metals (ASX:OLY) has signed a binding agreement with Lia Energy to acquire two projects in the US, prospective for silver, antimony, and copper.
At the completion of the acquisition, Olympio will wholly acquire the Raven Silver Project in Montana and the Sawtooth Antimony Project in Idaho for $20,000 in cash following the execution of the option agreement and 15 million shares on exercise.
The acquisition will result in Olympio holding 100% of shares in Idaho Stibnite.
Olympio will then issue 5 million shares once it begins drilling at the Raven mine within two years of settlement, $750,000 in shares once achieving a drill result exceeding 933 grams per metre silver equivalent from one of the projects within five years, and $1 million cash upon a resource estimate of at least 250,000 ounces silver equivalent at greater than 100 grams per tonne within seven years.
The final milestone payment is $2 million cash upon beginning commercial production from either projects within 10 years of settlement.
In conjunction with this agreement, Olympio is conducting a placement to raise $3 million, including a $500,000 investment from Lia Energy and its associates.
Olympio says the placement has been oversubscribed, issuing 50 million shares along with a one-for-two free attaching option with an exercise price of $0.15 and to expire on 5 January 2029.
Shares will be issued at $0.06 each, representing an 11.8% discount to the last trading price.
SP Capital Advisory is acting as the lead manager to this placement, which is expected to settle tranche one on 3 March 2026, followed by tranche two on or around 17 April after a shareholder meeting.
Located in Montana, the Raven Project has a historical production of average grades of 2,084 grams per tonne silver and 19.51% copper at the Raven mine, and an average of 996g/t silver at the Silver King mine.
The Sawtooth Antimony Project comprises five silver-antimony prospects with occurrences but no available sampling methodology records.
Write to Maddison Elliott at Mining.com.au
Images: Olympio Metals
