Initial 50% Lithium interest:
- Andover West Lithium Project
- West Pilbara, WA
- Exploration licences E47-3373 (AW1) & ELA47-4844 (AW2)
Significant Lithium Resource Area:
- Western Australia hosts 4 of the World's largest Lithium mines
- Combined reserves more than 500Mt
Andover Project to the East:
- High-grade lithium intersections
- 209.4m @1,42% Li2O
Terms of Option Agreement
- 30-day Option period
- 250,000 ALBA shares
- At 25% premium to 15 day VWAP
- 1 for 1: 12 month warrants at 0.2p
- Alba to form Unincorporated JV to explore Lithium rights over Tenements
- Each Party contributing to expenditures pro-rata
- Alba appointed as Manager
- Alba to have pre-emption and Tag-along rights
Market Intelligence
- Further diversification of territory and commodity
- Lithium price weakness seen as an opportunity for low-cost entry
- ALBA confident area has high Lithium resource
- Proven M&A exit potential