The Conversation (0)
PThe acquisition further expands Pilbara’s world-class resource inventory in the Pilgangoora district of Western Australia.
Pilbara has now acquired all the granted tenements for the Lynas Find project, in accordance with an agreement with Dakota Minerals (ASX:DKO) announced in October 2016.
The project has a maiden JORC resource of 7.3 million tonnes at 1.25% lithium, 85 ppm tantalum and 0.99% iron oxide.
The total consideration for the transaction is up to $8 million of which $5 million has been paid.
Pilbara will make further payments of up to $3 million in total upon grant of exploration licences for the remaining applications in the project.
The further payments will be in the form of cash or Pilbara shares at Pilbara’s election.
The completion of the Lynas Find acquisition is a significant milestone, further increasing Pilbara’s global resource inventory and significantly expanding its footprint in the Pilangoora district.
The company’s share price has increased about 71% since the start of 2016, last trading at $0.547.
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