Zeus Resources sells Mortimer Hills Lithium Project to Delta Lithium Subsidiary
Australian miner Zeus Resources completed a binding asset sales agreement with Elostate, a subsidiary of Delta Lithium, and sold 100% of its interest in the Mortimer Hills Lithium Project (Tenent E09/2147) in the Gascoin region of Western Australia.
Under the agreement, Zeus will receive a prepaid cash payment of $150,000 ($95,882) and a structured resource royalty, subject to a representation of the lowest grade of 0.8% lithium lithium oxide lithium oxide lithium mineral resources within the next four years.
These payments vary depending on the size and grade of your resource, with certain rates applicable to less than 5 million tons, 5 million to 10 million tons and over 10 million tons.
Deltalithium assumes all future exploration costs at Mortimer Hills, and Zeus Resources will benefit from potential discovery and development through royalty structures.
This strategic move will allow Zeus to focus on capital conservation and balance sheet optimization while still maintaining interest in the success of the project.
The settlement of this transaction is expected to be completed soon, waiting for standard terms to be fulfilled.
Zeus Chairman Alvin Tan said, “The Mortimer Hills deal allows Zeus to achieve potential lithium exposure and maintain its exposure to potential lithium through well-structured royalties.
“This is an advantage for both parties who will be able to focus on moving forward with other projects while maintaining options if the delta succeeds in defining lithium resources.”
Last March, deltal lithium Signed Binding Farm-In Joint Venture Agreement Use Voltaic Strategic Resources and Reach Resources to expand your Gascoyne region footprint.
“Zeus Resources will sell the Mortimer Hills Lithium Project to a Delta Lithium Subsidiary” was originally created and published Mining Technologya brand owned by GlobalData.
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