Catalyst Metals (ASX:CYL) has entered into a definitive agreement to purchase a substantial package of Bryah Basin exploration tenements from Albright Metals (ASX:ABR).
The initial transaction, valued at $1.8 million, consists of $1,000,000 in cash and $800,000 in Catalyst shares.
The equity portion involves the issuance of 105,387 shares, calculated based on the five-day volume-weighted average price prior to the agreement.
The acquisition covers eleven key tenements, including E52/3014 and E52/3898, but the deal's scope extends beyond a simple asset transfer.
Catalyst has also secured an exclusive option to acquire Albright's remaining Bryah Basin interests for an additional $2.2 million in cash or shares.
The specific tenements are currently subject to the Bryah Basin Manganese joint venture, in which Albright holds a 40% stake.
Under the proposed option terms, the BBMJV would retain all manganese mineral rights, allowing Catalyst to focus on other resource potential within the region.
Albright Metals CEO Greg Hill described the sale as an "excellent outcome," noting that the infusion of non-dilutive capital will be fast-tracked to the company’s flagship Golden Pike Gold and Antimony Project in Canada.
The completion of the deal remains subject to standard conditions, including third-party deeds of assignment from royalty holders and native title parties.
At the time of reporting, Catalyst Metals' share price was $7.42.