Cadence Minerals has signed agreements with Lithium Technologies and Lithium Supplies to acquire three assets in Australia.
The company will acquire the properties through binding investment agreements signed with Lithium Technologies and Lithium Supplies in December 2017 to acquire up to 100% of six hard rock lithium assets in Argentina.
As part of the agreement, Cadence will acquire the Picasso project in Western Australia, and the Litchfield and Alcoota projects in the Northern Territory.
The Picasso project is located near Alliance Mineral Assets’ Bald Hill Mine, which is producing a spodumene concentrate.
Located near Darwin, the Litchfield project is contiguous to Core Lithium’s ground, while the Alcoota project is located about 145km northeast of Alice Springs.
Cadence Minerals CEO Kiran Morzaria said: “The board is delighted with this variation agreement since it will enable the exploration team in Australia to commence work immediately on developing prime lithium assets, starting with the Picasso project in Western Australia.
“Alliance Mineral Assets’ recently raised A$40m to develop its lithium assets in the region, including its high-profile Bald Hill Mine, which located as it is nearby to Picasso, underlines the opportunity and potential upside for Cadence.”
Under a variation agreed with Lithium Technologies and Lithium Supplies in December, Cadence can acquire 100% of both the companies.
As two of Synergy’s assets are granted, Cadence will now proceed with increasing is ownership in the companies from 4% to 31.5%.
Morzaria further added: “More importantly, this transaction is strategically beneficial as the Australian projects were acquired without any material variation to the monetary value of the acquisition agreed over the six Argentina assets.”