SYDNEY, AUSTRALIA: European Lithium Limited, a company that explores and develops lithium projects in Europe, has announced that it has agreed to sell its Australian tenement to Moosh Moosh Limited, a BVI registered company, for $1 million in cash or shares.
The tenement, located in Northwest Western Australia, is considered a non-core asset by European Lithium, which wants to focus on securing battery commodities for Europe’s green energy transition.
The deal, which is expected to complete by 29 September 2023, will also give European Lithium a 1% net smelter royalty on minerals extracted from the tenement. The deal is subject to due diligence by both parties and a $100,000 payment from Moosh to European Lithium for maintaining the tenement in good order during the due diligence period.
European Lithium’s Chairman, Tony Sage, said that the sale of the Australian tenement was in line with the company’s strategy to realise value from its non-core assets and concentrate on European-based projects and investments in the battery metals space. He said that European Lithium was committed to developing its flagship Wolfsberg Lithium Project in Austria, which has a JORC resource of 10.98Mt at 1% Li2O. He also said that European Lithium was looking for other opportunities in the battery metals sector in Europe.