eMetals Limited

Sale Of Gascoyne Tenure

The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to advise they have executed an agreement (“Asset Sale”) to sell seven (7) exploration licenses (“Project”) to Minerals260 Limited (ASX:MI6) in the Gascoyne Provence of Western Australia for total consideration of 7,000,000 MI6 shares (“Consideration Shares”) at a deemed value of $0.30 per share ($2,100,000). Following completion of the Asset Sale EMT will have approximately $6,500,000 in cash and listed securities.

Commenting on the Asset Sale EMT Director Mathew Walker said: “We are pleased to reach an agreement with MI6 on our Gascoyne tenure that further strengthens our balance sheet while maintaining exposure to any potential exploration success through our shareholding in MI6. The MI6 team have a proven track record of exploration success and we look forward to seeing the Project develop under their stewardship.”

Agreement Terms

Following are the key terms of the acquisition:

  • The agreement is between MI6 through its wholly owned subsidiary ERL (Aust) Pty Ltd and EMT and its wholly owned subsidiaries RWG Minerals Pty Ltd and Iron Clad Prospecting Pty Ltd which are the parties that hold the tenements comprising the Project.
  • MI6 will issue EMT 7,000,000 shares Consideration Shares on completion at a deemed issue price of $0.30 per share.
  • The Consideration Shares will be subject to a voluntary escrow period of six months from completion of the acquisition on customary terms.
  • The completion of the acquisition is conditional on the execution of a Deed of Assignment relating to an underlying Royalty on one of the tenements.

For, and on behalf of, the Board of the Company

Mathew Walker

Shareholders and other interested parties can speak to Mr Sonu Cheema if they have any queries in relation to this announcement: +618 6489 1600.

Forward looking statements

This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and our management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this prospectus will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. We have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law. These forward looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.

Click here for the full ASX Release

This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
light bulb in ocean with jellyfish

How to Invest in Tungsten

Tungsten was discovered in Sweden in the 18th century, and since then has found diverse uses.

About two-thirds of demand for this critical metal is from the mining and drilling industry for use in cemented carbides; mill products and chemicals account for the rest. However, while tungsten has many key uses, the market has been quite turbulent for the last several years — low prices have led to reduced output in some parts of the world.

Global tungsten production came to 84,000 metric tons (MT) in 2022, slightly above the 83,800 MT put out in 2021. As with many metals, China dominates the tungsten-mining space. In fact, according to the US Geological Survey, production of tungsten concentrate outside the country accounts for less than 20 percent of total global supply.

Keep reading...Show less
EQ Resources

EQR Acquires Leading European Tungsten Producer, Saloro S.L.U., And Secures $25 Million Investment By Oaktree

EQ Resources Limited is the 100% owner of the Mt Carbine Tungsten Mine near Cairns, Australia’s leading primary tungsten producer.

EQ Resources Limited (“EQR” or “the Company”) is pleased to announce that it has agreed binding terms through signing of a Share Purchase Agreement (“SPA”) to acquire a 100% interest in Saloro S.L.U., Spain (“Saloro”) from Tungsten Mining JV S.L.U., Spain, (“Tungsten Mining”), a portfolio company of funds managed by Oaktree Capital Management L.P. ("Oaktree") (“Transaction”).

Keep reading...Show less
eMetals Limited

Quarterly Activities Report To 31 March 2023

The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2023.

Keep reading...Show less
tungsten periodic symbol

Top 8 Tungsten-p​roducing Countries

Tungsten has many applications. It's used in electrical wires, as well as in welding, heavy metal alloys, turbine blades and as a lead substitute in bullets.The metal can also be found in heating and electrical contacts.

According to the US Geological Survey, global tungsten production came in at 84,000 metric tons (MT) in 2022, up slightly from 2021's 83,800 MT. The vast majority of tungsten mining and processing occurs in China. Looking forward to 2023, increased production of the critical metal is seen coming from reopened mines in Australia, South Korea and the UK.

Tungsten’s importance in a wide range of industrial categories, from smartphones to car batteries, means demand is likely to rise. At the same time, supply chain disruptions and increased production costs are weighing on global supply. Tungsten prices have traded upward in recent years, and market dynamics are expected to push the metal higher in 2023 and beyond.

Keep reading...Show less
eMetals Limited

Quarterly Activities Report To 31 December 2022 and Cash Flow Report

The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2022.

Keep reading...Show less
eMetals Limited

Exceptional High Grade Rock Chips At Beryl Well

The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to provide a further update on its exploration activities at its Beryl Well Project (E09/2156) in the Gascoyne Region of Western Australia following the receipt of assays from rock chip samples taken in November 2022.

Keep reading...Show less

Latest Press Releases

Related News