FBM to acquire Miriam lithium project, appoints Power as chair

Nev Power

Nev Power

25th March 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online


Font size: - +

Perth-based Future Battery Metals (FBM) on Monday announced a strategic acquisition that consolidates its landholding near its flagship Kangaroo Hills lithium project in the Eastern Goldfields of Western Australia.

The company will buy 85% of Coolgardie Nickel, a subsidiary of ASX-listed Corazon Mining that holds various licences comprising the Miriam lithium project.

The project, located immediately north of Kangaroo Hills, hosts high-grade spodumene-bearing pegmatites with rock chip samples up to 1.85% lithium oxide.

“The Miriam project offers a highly prospective, drill-ready opportunity,” said FBM MD Nicholas Rathjen.

The company plans to start drilling at Miriam during the third quarter of the 2024 calendar year.

FBM will acquire the project for A$1-million in cash and 16.13-million ordinary shares, as well as 120.97-million performance rights.

Completion of the acquisition is subject to, among other matters, FBM obtaining shareholder approval to issue the FBM shares and performance rights and FBM completing a capital raising to raise at least A$5-million.

The acquisition is expected to complete in or around mid-May.

Corazon said in a separate statement that investment allows the company to remain focused on its nickel suphide assets in Australia and Canada, as well as advancing the Mt Gilmore copper/cobalt/gold project
in New South Wales.

Meanwhile, FBM announced the appointment of Nev Power as nonexecutive chairperson. His elevation to the chair role follows the decision of incumbent FBM chairperson Mike Edwards to step back to a nonexecutive director role.

Power was appointed to the FBM board in November.

Edited by Creamer Media Reporter




Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...


Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024
Photo of Martin Creamer
On-The-Air (10/05/2024)
10th May 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.629 0.702s - 162pq - 2rq
Subscribe Now