Core Lithium (ASX:CXO) has completed the sale of its non-core uranium assets to Elevate Uranium (ASX:EL8) for a total consideration of $5 million, comprising $2.5 million in cash and $2.5 million in Elevate shares, along with a 1% net smelter royalty on any metals or minerals produced from the Napperby Project.
The divested assets include Core's 100% interests in the Napperby, Fitton, and Entia Uranium Projects, covering six exploration tenements across the Northern Territory and South Australia.
The transaction supports Core's strategic focus on advancing the Finniss Lithium Project restart, while maintaining exposure to potential future upside from the uranium assets.
Core CEO Paul Brown said the sale "sharpens our strategic focus as a lithium developer and brings immediate funding to support Finniss, while retaining upside from these high-quality uranium assets."
At the time of reporting, Core Lithium’s share price was $0.28.