Future Battery Minerals fully funded to focus on lithium after wrapping up Nepean nickel sale

Future Battery Minerals has completed the sale of the Nepean Nickel Project (NNP) for a tidy $10 million and is now fully funded for planned exploration at its Kangaroo Hills and Nevada lithium projects.

The NNP tenements comprise of M15/709, M15/1809 and P15/5750, and excludes the Kangaroo Hills Lithium Project (KHLP) tenements in which Future Battery Minerals (ASX:FBM) holds an 80% interest and Lodestar Minerals (ASX:LSR) holds the remaining 20%.

A cash consideration of $2.7 million was received upon completion in addition to the $100,000 deposit received on signing, with the remaining deferred consideration of $7.2 million payable as follows:

• $2.7 million payable 12 months from completion of the transaction (June 2024);
• $2.5 million payable 18 months from completion of the transaction (December 2024); and
• $2 million payable 24 months from completion of the transaction (June 2025).

Fully funded to focus on lithium

Future Battery Minerals (ASX:FBM) is now fully funded for planned exploration activities at its two 80% owned lithium projects, Kangaroo Hills Lithium Project (KHLP) in WA and the Nevada Lithium Project (NLP) in the USA.

At Kangaroo Hills exploration plans include:

• Step-out drilling at the Big Red prospect testing for extensions to the reported thick high-grade lithium intercepts;
• Systematic testing of the newly identified prospects at Western Grey, Eastern Grey, Rocky, Quokka, Wallaroo and Pademelon; and
• Ongoing target generative geophysics mineralogy and metallurgical test work.

At the Nevada Lithium Project the company will undertake:

• Phase 2 reverse circulation (RC) drilling at Western Flats and Lone Mountain, testing for extensions to the recent thick, high-grade Li Claystone discovery; and
• Systematic testing of the Heller, Fraction and San Antonne prospects.

This article was developed in collaboration with Future Battery Minerals Limited, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.