NickelSearch expanded its lithium tenure with the acquisition of five exploration licenses and one prospecting license covering a total of 87.1 km2 in Western Australia's Ravensthorpe district, near the Mt Cattlin lithium mine.

The move increases NickelSearch's Ravensthorpe landholding to 194.5 km2.

NickelSearch plans to expedite exploration activities, such as mapping and sampling, aiming to identify drill-ready targets by the first half of 2024.

The recent capital raising of approximately $3.6 million positions the company well for the exploration programs. The acquisition terms involve an upfront share consideration of $575,000, milestone-based deferred share considerations, and a 1.5% net smelter royalty on lithium production.