Bastion Minerals Limited (ASX: BMO) has finalized an Option Agreement with Hot Chili Ltd (ASX: HCH) for the divestment of the Cometa Copper Project in Chile. Hot Chili completed its due diligence and made an initial payment of US$100,000. Further payments of up to US$3.3 million are contingent upon Hot Chili's exercise of the option. The divestment allows Bastion to focus on its Canadian Lithium Project, Swedish Rare Earth Element Project, and Western Australian Lithium/REE Project.
Cometa comprises exploration and mining licenses covering approximately 56km2. Hot Chili aims to expand its Costa Fuego copper development through exploration at Cometa. The agreement stipulates payment options for Hot Chili, including cash or a combination of cash and shares. If the option isn't exercised within 30 months, it expires. This move aligns with Bastion's strategy of exploration, discovery, and acquisition focused on decarbonization.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
