Rapid Critical Metals (ASX:RCM) has acquired Silver Metals Group’s wholly owned subsidiaries Conrad Resources and Webbs Resources, adding two silver projects in New South Wales to the company’s portfolio.
Under the agreed terms of the acquisition, Rapid Critical, which has a market capitalisation of $18.53 million, paid $6.5 million in a combination of cash and shares.
The company now owns the Conrad and Webbs projects in the New England Fold Belt of New South Wales, which has a combined 34.9 million silver-equivalent ounces.
Webbs has a resource estimate of 2.2 million tonnes @ 205 grams per tonne silver-equivalent for a contained 14.2 million ounces, while Conrad has a resource of 3.33 million tonnes @ 193g/t silver-equivalent for a contained 20.72 million ounces.
Upon announcing the deal, Rapid Critical immediately implemented programs at Webbs focusing on expanding and upgrading the existing resource with targeted geophysics, drilling, and metallurgical studies.
In addition, Byron Miles has been appointed as Rapid Critical’s Managing Director, effective from yesterday (24 July).
Miles’ is a financial market professional and has previously worked as a stockbroker and fund manager for more than 18 years. He is a specialist in mergers and acquisitions, with transactions across various commodities and geological locations.
Martin Holland and Michael Schlumpberger will also transition to the role of non-executive director effective immediately.
Rapid Critical Metals is a mineral explorer focused on advancing silver and gallium projects in New South Wales and British Columbia.
Write to Aaliyah Rogan at Mining.com.au
Images: Rapid Critical Metals
