FBM to acquire Miriam lithium project, appoints Power as chair

25th March 2024 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

FBM to acquire Miriam lithium project, appoints Power as chair

Nev Power

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.