Australian firm Future Battery Minerals (FBM) has announced the sale of its 80% stake in the Nevada lithium project to a Texas-based company for A$4 million in cash.
This move will allow FBM to concentrate on its high-potential Kangaroo Hills and Miriam lithium projects in the Western Australian Goldfields.
“While the Nevada asset presents significant claystone lithium development potential, we believe that focusing on our promising lithium assets in the WA Goldfields will provide the best returns for our shareholders,” said Managing Director Nicholas Rathjen.
The transaction, expected to be completed in the fourth quarter, will leave FBM with a proforma cash balance of A$8.7 million.
