Currie Rose Resources has agreed to purchase a 100% stake in two vanadium projects in Central North Queensland, Australia.
The Canadian firm has signed an arm’s length agreement with Liontown Resources to acquire 100% of the Toolebuc Vanadium Project.
According to the agreed terms, Currie Rose will issue 12,500,000 ordinary shares at a deemed value of $356,994 (A$475,000) and 4,000,000 share purchase warrants at $0.080 (C$0.10) to Liontown.
Furthermore, Currie Rose Resources signed an arm’s length agreement with CGM Lithium, a wholly owned subsidiary of Chalice Mining, to acquire 100% of the Flinders River Vanadium Project.
In exchange, CGM Lithium will receive 12,500,000 ordinary shares of Currie Rose at a deemed value of $356,994 (A$475,000) and 4,000,000 share purchase warrants at $0.080 (C$0.10).
As part of the two transactions, Currie Rose will grant a net gross revenue royalty of 2%.
The firm will have the right to purchase a 50% royalty for the two projects, by paying $1m in cash to the royalty holder.
Currie president and CEO Michael Griffiths said: “Today’s 100% acquisition of two highly rated brownfield Queensland Vanadium Projects within the world-class Vanadium Hub in North Queensland is a watershed day for the Company.
“It marks the first steps into a battery metal strategy, which is expected to expand as the world decarbonises.”
Subject to approvals, Currie will have two ASX listed companies, namely Chalice Mining and Liontown Resources, as equal major shareholders.
Currie said that the merger of the Toolebuc and Flinders River Vanadium Projects, the North Queensland Vanadium Project (NQVP), covers an area of approximately 124,000ha.
It is situated around 400km west of the Port of Townsville, and close to rail, road and power infrastructure.
Griffiths added: “The combination of the two projects into one entity, provides tremendous opportunity to create a large-scale focused project and we look forward to commencing the next phase of test work as soon as possible.”