The Group’s Sedimentary
The Groups sedimentary lithium projects, Wikieup and Basin are located in Arizona, USA.
All the sedimentary assets have shared geology with district wide capability. Geophysical studies have been carried out over the majority of the claim package enabling more targeted drilling.
The land package over the projects covers an area of c.47km2 and the projects are now fully funded to early-stage technical study as a result of the agreement entered into with Lithium Royalty Corporation (LRC) in December 2021 and a nearly 3x oversubscribed fundraise completed in April 2022 for US$12.9m.
Royalty Agreement with Lithium Royalty Corporation
The agreement with LRC provides for a 2% gross overriding royalty (GOR) over the Company’s sedimentary claims. The total value of the royalty is $8 million and will be paid to Bradda Head at 3 predetermined milestones;
The Basin Project is made up of 3 mining claim blocks on BLM-administered land and 1 lease and 2 mineral exploration permits on state-administered land. In total the project embraces 17km2. The project is grouped into Basin East (Basin East, Basin East Extension and Basin North) and Basin West (Basin West and Basin West Extension)
The Wikieup project is located half-way between Phoenix and Las Vegas, in the Mohave County of Arizona, and is 18km and 22km north north-west of Basin West and Basin East respectively. The project area covers a total area of 23.9km2.