Venari Minerals divests project for $386,000

• Venari Minerals has agreed to sell its entire stake in the Georgina Basin Iron Oxide Copper-Gold Project.
• The company will receive an estimated transaction value of $386,000 in cash and shares.
• The divestment allows the business to focus its resources on its flagship lithium project in the United States.

Mineral exploration company Venari Minerals (ASX:VMS) has entered into a binding agreement to divest its 100% interest in the Georgina Basin Project in the Northern Territory for an estimated total value of $386,000.

This transaction follows a period of portfolio review as the company seeks to reposition its exploration assets compared to its previous broader regional focus.

“The disposal of non-core assets provides the best opportunity to enhance shareholder value,” said Venari Minerals Chairman Tony Leibowitz.

Under the terms of the agreement, the company will receive £100,000 in cash and 90,260,854 shares in Alien Minerals Limited, alongside an expected $277,620 research and development tax incentive refund.

Following the announcement, the Venari Minerals share price was unchanged at $0.10.

The company stated that the divestment aligns with its ongoing corporate strategy to streamline its asset portfolio and concentrate capital on its main operations.

Venari Minerals continues to focus its management attention and technical resources on advancing its flagship Red Mountain Lithium and Critical Metals Project, located in Nevada, USA.