RE: 80m to 119m19 Sep 2025 08:37
The current mcap of £7M seems to undervalue or ignore the potential value of LCCM. The fugures, if the sale goes through, look pretty good and better then I thought we would get. Another example of the current BoD taking decisive action and clearing up JPs mess.....
Further to grant of an exclusive call option to Axis Mining & Minerals Pty Ltd to acquire 100% of the Leigh Creek Copper Mine ("LCCM") as announced on 24 April 2025 ("Call Option"), Strategic Minerals announces that the parties have agreed, at the request of the Call Option holder, to novate the Call Option to South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals ("Cuprum").
Subsequently, Cuprum (now, the "Purchaser") is bound by and must comply with all the provisions of the Call Option.
As previously announced, under the terms of the Call Option, which is exercisable for a period of six months (or such longer period as may be agreed by the parties), the Purchaser may elect to acquire 100% of LCCM for an initial payment to Strategic Minerals of A$1.9 million in cash. The Purchaser anticipates completing a listing on the Australian Securities Exchange upon which it will, if the Call Option is exercised, issue shares to Strategic Minerals equivalent to 19.9% of the listed vehicle up to a maximum value limit of A$3 million*. The Purchaser will also pay an earn-out to Strategic Minerals equivalent to A$4 million ("Earn-Out Consideration") to be paid on a half yearly basis from the commencement of commercial production from LCCM with each half yearly payment to be the equivalent of 20% of net free cash flows from the prior period.
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