Utah Lithium Project Competing Tenure19 Jun 2026 07:53
ColdFishPie. Date: 24 April 2026
Mandrake Resources Limited (ASX) Mandrake is the 100%-owner of the Utah Lithium Project, comprising over 93,000 acres (~379km2) of US federal placer claims and Utah State Government leases
• The Utah Lithium Project is a top tier US-domiciled lithium brine asset incorporating a large-scale Inferred Mineral Resource Estimate of 3.3Mt Lithium Carbonate Equivalent (LCE)
• Utah Brine Corporation (UBC), a company associated with
Omaha Value Inc. and Neometals Ltd (ASX: NMT), has located approximately 70 unpatented placer claims that, in Mandake’s view, overlap existing senior Mandrake placer claims
• Mandrake asserts that UBC claims were located on ground not open to location, and are thus invalid in their entirety
• Mandrake’s US legal representatives have written to all parties demanding notices of abandonment be filed for each of its UBC claims that overlap Mandrake claims and to refrain from entering upon the ground.
In an ASX announcement dated 20 March 2026, Neometals Ltd (Neometals) advised that its wholly owned subsidiary, Neometals Energy Pty Ltd (Neometals Energy), had executed a binding agreement with its 49% partner, Omaha Value Inc. (Omaha) under which Neometals Energy will acquire and maintain a 51% equity interest in Utah Brine Corporation (UBC), through a staged funding arrangement. Mandrake identified that UBC has located placer claims (UBC claims) on ground covered by the Company’s senior, valid placer claims (Mandrake claims). The UBC Claims were thus located on ground that was not open to location and, it is Mandrake’s position, that they are invalid in their entirety. The apparent overlap affects approximately 1.5% of Mandrake’s overall Utah Lithium Project tenure package.
Mandrake contacted Neometals management to notify Neometals of the apparent placer claim overlap and attempted to resolve the issue. Mandrake has now retained US legal representation who have issued correspondence to UBC and Neometals demanding that UBC:
(i) (ii) Promptly file with the BLM, and record in San Juan County, notices of abandonment for each of its UBC Claims which overlap with Mandrake claims, and promptly provide copies of the filed and recorded abandonment notices to Mandrake, and: refrain from entering upon the ground covered by Mandrake claims for any reason related to its UBC claims or mineral activities, including without limitation to further amend or otherwise perfect its UBC claims, to locate additional unpatented mining claims or millsites, or to perform any mineral exploration, development, or related activities. On 24 April 2026, Mandrake received correspondence from UBC’s legal representatives relating to the UBC Claims and operatorship of oil and gas wells within the Utah Lithium Project. Mandrake is currently reviewing the correspondence and will update the market in due course.
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