Lithium Plus Minerals Limited (ASX: LPM) (LPM, Lithium Plus or the Company) is pleased to announce the completion of the transaction to acquire two complementary uranium and rare earth element (REE) projects in the Northern Territory (NT) and northern New South Wales (NSW) (Transaction).
This follows the conclusion of due diligence into the uranium and REE projects and the satisfaction of all required conditions, including the consolidation of LPM's Moonlight Project into Moonlight Resources Pty Ltd (ACN 678 095 273) (Moonlight Resources), which was established by LPM to acquire the uranium and REE projects in NT and NSW. A summary of the transaction structure to effect the Transaction is set out on page 5
KEY TRANSACTION OUTCOMES + Enhanced asset portfolio: Creates a complementary portfolio of Australian uranium and REE critical mineral projects, significantly enhancing LPM's existing project base. + Focus on MacDonnell Ranges: The MacDonnell Ranges Uranium Project (NT) is located in a region renowned for its high-grade uranium deposits and is set to be the primary focus of future exploration for Moonlight Resources. + Management and funding: Finalisation of Moonlight Resources' board and management composition to occur in parallel with the ongoing evaluation of subsidiary-level third-party funding options. + Lithium focus: Structure enables LPM's core corporate focus to remain on commercialisation activities for the Lei Discovery and targeted, cost-effective exploration to deliver new lithium discoveries.
Commenting on the transaction, Executive Chairman, Dr Bin Guo, said: 'The completion of this acquisition is an important milestone for Lithium Plus as it provides our shareholders with diversified exposure to uranium and rare earth element exploration. The MacDonnell Ranges Uranium Project, in particular provides a substantial opportunity given its location in Australia's premier uranium mining jurisdiction. That being said, our core focus remains on the advancement and commercialisation of our Lei Deposit while simultaneously undertaking exploration drilling at our four large, high-priority pegmatite systems. The 2024 field season has kicked off, beginning with RAB drilling across our tenement package, initially targeting our Perseverance, Jewellers, Jewellers Extended, and Jennys prospect areasOur aim is to rapidly deliver multiple new lithium discoveries utilising our existing geological model, in combination with the RAB results to identify and refine drill targets ahead of the upcoming 3,000- metre reverse circulation drilling program
CONSOLIDATED URANIUM AND REE PORTFOLIO
Moonlight Resources was established to acquire the priority MacDonnell Ranges Uranium Project in the NT and the Fox Hill REE Project in NSW, and to consolidate LPM's existing Moonlight tenements in the NT into a single portfolio of complementary uranium and REE projects. Moonlight Resources' total tenement area includes 1,907 km-2 of uranium prospectivity close to Alice Springs, NT. Prior to completion of the Transaction, Moonlight Resources was a wholly owned subsidiary of LPM. Post-completion of the Transaction, Lithium Plus holds a 50% interest in Moonlight Resources alongside the vendors of the uranium and REE tenements- see the transaction summary on page 5 below.
MacDonnell Ranges Project
The MacDonnell Ranges Project tenements (EL33018, EL33019, EL33057 and EL33058) cover a combined area of approximately 1,800 km2 centred on the northern foothills of the west MacDonnell Ranges approximately 120 km west-northwest of Alice Springs along the Tanami Highway. The tenure was originally held by Crosslands Uranium Mines Limited and was subjected to limited earlystage exploration between 2008 and 2013. The Project tenements lie within the Central Province of the Arunta Block, targeting exposures of the regionally significant 1,150 - 1,130 Ma uranium-rich Teapot Granite Complex. The Teapot Granite Complex, which outcrops extensively in the region, is a highly fractionated, enriched granitoid, with an anomalously high uranium content. The granite has high potential for both disseminated/vein granite-hosted mineralisation and as secondary sedimentary deposits.
TRANSACTION SUMMARY
On 12 June 2024, Lithium Plus announced it had entered into a binding term sheet to acquire four tenements in the NT from GS Metals Pty Ltd (ACN 654 797 878) (GSM) and two tenements in northern NSW near Inverell from Double Eagle Resources Pty Ltd (ACN 657 511 683) (DER). The tenements are prospective for uranium and REE, with newly incorporated Moonlight Resources established to consolidate them with its existing Moonlight Project. Refer to Schedule 1 for full details of vendors and tenements. Lithium Plus executed a share sale agreement with the shareholders of DER, the shareholders of GSM and Moonlight Resources, under which Moonlight Resources acquired all the shares in DER and GSM. LPM completed a full due diligence investigation into DER and GSM and their respective projects. No regulatory approvals were required for the acquisition of the DER and GSM tenements. Lithium Plus also executed a tenement sale agreement with Moonlight Resources to effect the transfer of LPM's Moonlight Project to Moonlight Resources. Lithium Plus and Moonlight Resources are in the process of arranging for the lodgement of the Moonlight Project tenement transfer forms (together with any other necessary supporting documentation) with the department that has responsibility for the administration of the Mineral Titles Act 2010 (NT) for the purposes of registering the transfer of the Moonlight Project to Moonlight Resources.
Contact: Dr Bin Guo Executive Chairman +61 02 8029 0666 bguo@lithiumplus.com.au Mr Simon Kidston Non-Executive Director +61 0414 785 009 skidston@lithiumplus.com.au
Bynoe Lithium Project (100% LPM) Situated on the Cox Peninsula, 45 km south of Darwin, on the northern end of the Litchfield Pegmatite Belt, with 11 granted tenements covering 297 km2 . Geologically centred around the Bynoe Pegmatite Field, the tenements share a border with Core Lithium's Finniss mine development. Significant lithium mineralisation was discovered at Lei in 2017 within the northnortheast trending spodumene bearing pegmatites. Current drill ready targets are Lei, SW Cai, Cai and Perseverance.
Bynoe Lithium Project (100% LPM) Situated on the Cox Peninsula, 45 km south of Darwin, on the northern end of the Litchfield Pegmatite Belt, with 11 granted tenements covering 297 km2 . Geologically centred around the Bynoe Pegmatite Field, the tenements share a border with Core Lithium's Finniss mine development. Significant lithium mineralisation was discovered at Lei in 2017 within the northnortheast trending spodumene bearing pegmatites. Current drill ready targets are Lei, SW Cai, Cai and Perseveranc
Arunta Lithium Projects (100% LPM) Barrow Creek Located in the Northern Arunta pegmatite province, 300km north of Alice Springs. Historic tin and tantalum production and the presence of spodumene in nearby Anningie Pegmatite field suggest lithium potential. Spotted Wonder Located approx. 200km north-north-east of Alice Springs with proven lithium mineralisation, with amblygonite present in the Delmore Pegmatite.
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