Reach Resources Limited (ASX: RR1) unveiled a major expansion milestone. Critical Elements Pty Ltd, a wholly-owned subsidiary, has finalized a binding agreement with Tamas Kapitany to obtain mining lease M09/101. This strategic move empowers the company to undertake trial bulk sampling and gain numerous logistical advantages. Notably, the acquisition of M09/101 holds strategic importance as it directly borders the company's Morrissey Hill lithium project, opening doors to further exploration opportunities.
This low-cost acquisition also plays a vital role in expanding Reach Resources' footprint and consolidating its presence in the area. However, the completion of the Acquisition Agreement is contingent on several factors, including obtaining necessary consents and executing key agreements with the Seller and the Native Title Party. The completion date is set to be within two business days after the fulfilment of these conditions or an agreed-upon date, but it must transpire before December 31, 2023. This acquisition marks a crucial step forward for Reach Resources in its pursuit of strategic growth and resource development.
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