SYDNEY, AUSTRALIA: Armada Metals has signed term sheet to acquire lithium exploration projects in Brazil. Armada an Australian company focused on critical metals, will acquire 14 mineral rights in Brazil from Antares Minerais Estrategicos Ltda.

The mineral rights cover an area of 16,750.28 hectares in Minas Gerais State, where lithium-bearing pegmatites have been observed. Armada will pay a deposit of AUD$50,000 and a commitment fee of AUD$100,000, as well as issue 26 million shares to Antares Minerais.

Armada will also invest a minimum of AUD$500,000 on exploration works on the permits during the first year. The transaction is subject to due diligence, regulatory approvals, and transfer of legal title.

Rick Anthon, non-Executive Chairman of Armada commented: This is an exciting transaction for Armada as we diversify both geographically and into lithium, while remaining in the critical metals space. This area in Brazil is attracting significant exploration attention for the potential discovery of lithium-bearing pegmatites, with a number of other operators in the region and known occurrences.

We can also call upon our in-house experience with lithium and the South American continent. This new planned acquisition, along with our nickel projects in Africa, especially the Bend Nickel Project in Zimbabwe where we are currently drilling and results are expected soon, offers exciting new opportunity to Armada and its shareholders.”