Rapid Lithium (ASX:RLL), formerly known as Armada Metals, has renegotiated the 2025 payment terms to acquire the Ingersoll Project in the US.
In May 2024, the company signed a binding term sheet to acquire the owner of the project – Midwest Lithium.
As a result of renegotiating the payment terms, Rapid Lithium will pay the project vendors US$330,000 ($531,462) in cash and shares.
On 17 January 2025, the company paid US$30,000 to the vendors and the other two US$150,000 payments will be made by 30 August 2025.
Once Rapid Lithium undertakes initial drilling activities and receives assay results, the company will decide whether or not to proceed with the transaction under a contract for deed.
Meanwhile, Rapid Lithium has also decided not to proceed with the acquisition of Patriot Lithium’s (ASX:PAT) subsidiary New Energy. The company will instead focus on the balance of projects in its portfolio and the acquisition of the Prophet River Gallium-Germanium Project in Canada.
In November 2024, the company announced its intention to acquire New Energy, which is a mineral explorer and developer focused on hard rock lithium projects. New Energy owns the Black Hills, Keystone, and Tinton West projects in the US.
“This strategy, centred on our portfolio, positions the company ideally to prioritise lithium exploration on its fully permitted private land in South Dakota,” Rapid Lithium Managing Director Martin Holland says.
“It also allows us to advance and initiate exploration at the gallium-germanium project in British Columbia.”
Rapid Lithium is a lithium-focused explorer with assets in Australia and across the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Rapid Lithium
