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New Age Metals Signs Binding Agreement with Mineral Resources Limited a Major Australian Lithium Producer, on its Manitoba Lithium Division
(TheNewswire) September 28, 2021 – TheNewswire - Rockport, Ontario -...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Signs Binding Agreement with Mineral Resources Limited a Major Australian Lithium Producer, on its Manitoba Lithium Division\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n September 28, 2021 –\n \n TheNewswire -\n \n Rockport,\nOntario - New Age Metals Inc. (TSXV:NAM\n \n )\n \n ;\n \n (\n \n OTC:NMTLF\n \n )\n \n ;\n \n (\n \n FSE:P7J.F) (“NAM” or “Company”) is pleased to\nannounce that it has entered into a binding term sheet with a wholly\nowned subsidiary of Australian lithium and iron ore producer, Mineral\nResources Limited (MRL). Under the terms, MRL can earn up to a 75%\ninterest in NAM’s Manitoba lithium division.\n \n \n \n \n \n - NAM enters into a legally binding term sheet with MRL\nwith respect to NAM’s Manitoba lithium projects\n \n \n \n \n - MRL has the right to acquire an initial 51% interest\nby completing C$4,000,000 of exploration and development activities\nand C$400,000 in cash payments within 42 months from the Effective\nDate\n \n \n \n \n - MRL can earn an additional 14% interest (65%) by\ncompleting a NI 43-101 compliant mineral resource estimate and\nPre-Feasibility Study on developing a spodumene concentrate operation\nat one or more of NAM’s Projects\n \n \n \n \n - MRL can earn an additional 10% interest (75%) by\nfunding the Project to the point of a final construction decision made\nby MRL\n \n \n \n \n - NAM shall have the option to complete an initial\npublic offering of NAM’s joint venture interest or spinning out\nNAM’s minority joint venture interest into a public vehicle holding\nsuch minority joint venture interest\n \n \n \n \n - NAM intends to complete a maiden drill program on its\nLithium Two Project in October 2021. Lithium Two hosts a historic\nnon-NI 43-101 compliant mineral resource of 544,000 tonnes at 1.4%\nLi2O\n \n \n \n \n \n Harry Barr, Chairman & CEO commented: “The stated mandate for\nour lithium division since acquisition of our projects was to secure a\nstrategic partner with exploration, development, and production\nexpertise, and this agreement with Mineral Resources Ltd fulfills our\nobjective. Mineral Resources is one of the worlds largest lithium\nproducers with a current market capitalization of approximately A$9\nbillion. This agreement comes at an opportune time in the ma...