Charger Metals sells Bynoe Lithium Project for $14.8M
- Charger Metals has signed a binding agreement to sell 100% of its Bynoe Lithium Project to Core Lithium.
- The deal is valued at up to $14.8 million, including upfront cash, milestones, and future production royalties.
- The sale allows Charger to focus its resources on advancing its Lake Johnston Lithium Project.
Charger Metals NL (ASX:CHR) has entered into a binding agreement to sell its total stake in the Bynoe Lithium Project to a subsidiary of Core Lithium (ASX:CXO) for up to $14.8 million.
The transaction follows Core recently resuming mining operations at its nearby Finniss Lithium Project, which sits nine kilometres from the Bynoe site.
"The completion of the sale of Bynoe allows Charger to focus on advancing its Lake Johnston Lithium Project towards development," said Charger Metals NL Managing Director Bryan Dixon.
Under the sale terms, Charger will receive $3.8 million in cash at completion, a $1 million milestone payment upon delineation of a specific mineral resource, and gross revenue royalties capped at $10 million.
Following the announcement, the Charger Metals NL share price was unchanged.
The Bynoe project covers 63km2 within the main Finniss pegmatite field structural corridor and contains more than 20 prospective lithium targets.
The company stated that strategic groups are currently valuing lithium projects at higher values than other investors due to lithium concentrate prices increasing over 300% in 12 months.
