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Highlights
- Altech Batteries has completed the sale of its Meckering land in Western Australia, generating gross proceeds of AUD 950,000 to support working capital.
- The company has retained ownership of Mining Lease M70/1334 and signed an agreement preserving future exploration and mining rights on the lease.
- A AUD 500,000 bank guarantee has been provided to Deutsche Balaton AG following the discharge of the mortgage, linked to Altech’s €2 million bearer bonds due in October 2026.
- ATC shares jumped 50% following the announcement.
Altech Batteries Ltd (ASX:ATC) has finalised the sale of land owned by Altech Meckering Pty Ltd in Meckering, Western Australia , after completing settlement. The Board had identified the property as surplus to operational requirements , allowing the company to unlock AUD 950,000 in gross proceeds to strengthen its working capital position.
Mining Rights Retained Under New Agreement
As part of the transaction, Altech has retained ownership of Mining Lease M70/1334 and entered into an Exploration, Mining, Access, Compensation and Option to Purchase Agreement with the new landowner.
The agreement, executed on standard industry terms, preserves Altech's ability to undertake future mining activities on the mining lease. It also ensures that any future owner of the lease can continue operating under the same agreement if ownership changes.
Mortgage Discharged as Bank Guarantee Put in Place
The land was previously subject to a mortgage held by major shareholder Deutsche Balaton AG . Following the completion of the sale, the mortgage was discharged, with Altech providing a AUD 500,000 bank guarantee over one of its bank accounts as security.
The guarantee is linked to €2 million in bearer bonds owed by Altech to Deutsche Balaton AG, which are scheduled for repayment on 31 October 2026 . The company is working towards the sale of its Johor, Malaysia property to support the repayment of the bonds.
If the bearer bonds remain unpaid by the due date, Deutsche Balaton AG will be entitled to claim the AUD 500,000 guarantee as partial repayment. Should Altech repay the bonds in full by 31 October 2026 , the guarantee will be withdrawn and cancelled.
ATC Share Price Surge
ATC share price jumped 50% to trade at AUD 0.009 per share at the time of writing on 29 June 2026.
