Future Battery Minerals Ltd (ASX:FBM) has divested its majority holding (80%) in Nevada Lithium Project (NLP), which the company says will let it focus on two assets in the Coolgardie region of Western Australia.
FBM received a cash consideration of $4 million for its Nevada Lithium Corp Pty Ltd, which holds the rights to the NLP, interest sell-off. The company now turns its attention to the Kangaroo Hills Lithium Project and Miriam Lithium Project – collectvely known as Coolgardie Lithium Projects.
Together, the latter two plays stretch across 11 kilometres of terrritory, across the key interpreted lithium trend in the Coolgardie Greenstone Belt. FBM is still in the early stages of evaluating what is there.
This evaluation will begin with ground gravity geophysical surveys scheduled this quarter at Miriam. A drill program will start in the first half of 2025.
Managing director Nicholas Rathjen said the sale of the Nevada asset enabled FBM to concentrate on development of its Australian projects, as well as boosting its financial position.
“We are delighted to have rapidly completed the sale of our interest in the NLP,” he said.
“The disposal of this non-core asset has provided us with a significant increase in cash at zero dilution to our shareholders.
“Following receipt of the A$4 million sale proceeds, we now hold a current cash balance of A$8.14 million. This positions the business with a substantial runway for targeted and efficient exploration of the KHLP and Miriam projects over the next couple of years, as well as a robust position from which to explore new business development opportunities.”
FBM has been trading at 1.9 cents.
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