Future Battery Minerals Acquires Full Ownership of Kangaroo Hills Lithium Project

Future Battery Minerals Ltd (ASX: FBM) has signed an agreement to acquire the remaining 20% interest in the Kangaroo Hills Lithium Project (KHLP). The company already owns 80% interest in Eastern Coolgardie Goldfields Pty Ltd (ECG), the entity exploring KHLP. The acquisition involves purchasing the 20% stake from Goldfellas Pty Ltd, a subsidiary of Lodestar Minerals Ltd (ASX: LSR).

FBM will pay AU$500,000 in cash, with AU$250,000 at completion and the remaining amount in installments. Additionally, AU$3 million worth of fully paid ordinary shares will be issued, along with performance rights that convert upon the announcement of a JORC Code-compliant Mineral Resource of 10mt at 1.0% Li2O. FBM aims to advance its lithium production plans and ongoing exploration at KHLP. The acquisition is expected to finalize by August 11, 2023.

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