Business
South Star Battery Metals Announces Exercise of Earn-in and Acquisition of 100% of the BamaStar Graphite Project in Coosa County, Alabama
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNIT...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"South Star Battery Metals Announces Exercise of Earn-in and Acquisition of 100% of the BamaStar Graphite Project in Coosa County, AlabamaTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC / ACCESS Newswire / January 21, 2025 / South Star Battery Metals Corp. (\"South Star\" or the \"Company\") (TSXV:STS)(OTCQB:STSBF), is pleased to announce that it has successfully exercised its right to earn-in 75% of the BamaStar Graphite Project (the \"Project\"), which was formerly named the Ceylon Graphite Project, located in Coosa County, Alabama. Per the terms of the binding earn-in agreement (the \"Agreement\") (see Dec 07, 2021 Press Release), South Star successfully completed the following conditions to complete the 75% earn-in:The drilling, resource estimation and analysis needed to produce a NI 43-101 compliant Preliminary Economic Analysis (PEA) within three years (See October 10, 2024 Press Release).Fund an annual minimum expenditure of C$250,000 (C$750,000 total) to earn 75% of the Project.Extend or renew, as needed, the currently existing mineral leases and surface agreements on the Project to ensure they are valid for a period of a minimum of 12 months beyond the three-year term of the definitive earn-in period (See March 05, 2024 Press Release).Subsequently, all the Project partners (the \"CML Owners\") exercised their vendor option to sell the remaining 25% of the Project to South Star for C$250,000 in common shares of South Star (the \" Shares\"), priced as per the terms of the Agreement. A total of 445,454 Shares are being issued pro rata to the CML Owners, subject to TSX Venture Exchange approval. On completion of the transfer of the mineral and surface rights to South Star, the Company will have 100% of the rights to the Project.Richard Pearce, CEO of South Star commented, \"Our team continues to execute on our strategic goals of having a diversified portfolio of scalable, vertically integrated, graphite assets producing in stable, Tier 1 jurisdictions and a go-to-market commercial plan. Acquisition of 100% of BamaStar is an important strategic milestone as we move the Project forward quickly, and with the commencement of the upcoming feasibility study to be completed in partnership with the U.S. DoD Title III program.\"Mr. Pearce continued, \"Looking ah...