AUS
NZ
UK
CA
USA
IND
Highlights
- Future Battery Minerals sells Nevada Lithium stake to enhance focus on Coolgardie projects.
- The sale supports exploration of WA assets like Kangaroo Hills and Miriam.
- Well-funded for strategic developments with an estimated cash balance of $8.7 million.
Future Battery Minerals (ASX:FBM) has strategically opted to divest its 80% stake in Nevada Lithium Corp to emerging US clean energy firm Austroid. This move will streamline the company’s focus on its core lithium assets in Western Australia's renowned Coolgardie greenstone belt, a decision aimed at strengthening its commitment to local exploration and development in the region.
The Nevada Lithium project, which has reported a substantial 1.5 billion tonnes resource at 783 parts per million lithium (totaling 6.2 million tonnes of lithium carbonate equivalent), has become a non-core asset for Future Battery Minerals. With Austroid's acquisition, valued at $4 million, Future Battery Minerals has secured an immediate $50,000 non-refundable deposit as part of the total cash consideration. The divestment enables Future Battery Minerals to channel its resources more effectively toward its local assets.
Focus on Coolgardie’s Key Lithium Projects
Following this divestment, Future Battery Minerals will concentrate on advancing its two key lithium developments in Western Australia: the wholly-owned Kangaroo Hills project and the 85%-owned Miriam project. These projects collectively span approximately 11 kilometers along a prospective lithium trend within the Coolgardie greenstone belt, offering promising exploration opportunities at an early assessment stage.
The Kangaroo Hills project has already shown promising results, with the presence of a high-grade lithium deposit discovered at the Big Red area. This deposit, featuring near-surface, shallow-dipping mineralization, remains open at depth, presenting further exploration potential.
Strategic Growth at Miriam Pegmatites
The Miriam project, located just north of Kangaroo Hills, was acquired from Corazon Mining (ASX:CZN) and is already showing high-grade spodumene-bearing pegmatites. With rock chip samples revealing up to 1.85% lithium oxide, the site holds substantial exploration potential. Geochemical soil sampling has identified two primary lithium trends at Miriam, with a main target spanning approximately 1.6 kilometers in strike length. Notably, historic lithium drilling has not been conducted at Miriam, marking it as a prime site for further investigation.
Strengthened Funding and Exploration Prospects
Future Battery Minerals expects a strong cash balance of approximately $8.7 million post-divestment, ensuring adequate funds for targeted exploration activities at its Coolgardie projects. This financial position provides a robust foundation for advancing exploration without shareholder dilution, allowing for well-planned capital management. Nicholas Rathjen, the company’s managing director, emphasized the strategic advantage of focusing on Western Australian assets close to essential infrastructure and existing processing facilities.
With this divestment completed, Future Battery Minerals is well-positioned to continue its growth trajectory in Australia’s lithium sector, driven by the development potential of its Coolgardie assets and backed by a committed and experienced exploration team.
