Memorandum of Understanding re:
Proposed Sale of 10% Interest in US Cobalt/Copper Properties for £900,000
Technology Minerals (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has signed a Memorandum of Understanding (“MOU”) for the Proposed Sale (“Proposed Sale”) of an initial 10 per cent interest in the Company’s registered claims in its wholly owned US cobalt/copper projects; the Blackbird Creek Project and Emperium Project (collectively “the Properties”), Lemhi County, Idaho, United States of America, to Bluebird Metals LLC (“Bluebird” or “the Buyer”) for a cash consideration of £900,000. The MOU is legally binding in certain material respects.
Background: Blackbird and Emperium Projects
The Blackbird Creek Project is located within the Idaho Cobalt Belt (“ICB”), a 60 km long metallogenic district characterised by stratiform/tabular Co-Cu deposits. The ICB is hosted in the Mesoproterozoic Belt Supergroup (1,470 Ma and 1,370 Ma), juxtaposed between later Proterozoic (1,370 Ma) quartz monzonitic intrusions.
The Emperium Project covers approximately 55km² in east-central Idaho, making it one of the largest land positions in the Idaho Cobalt Belt. To date, there has been limited exploration conducted on the property in the form of lithogeochemical (rock) sampling, and satellite image interpretation.
Technology Minerals registered claims in the Properties comprise:
· 158 registered claims comprising approximately 3,175 acres, all located at the Blackbird Creek Property; and
· 694 registered claims comprising approximately 13,720 acres all located in the Emperium Project, Lemhi County, Idaho, United States of America.
The MOU also includes a proposed option for the Buyer to acquire a further 20 per cent interest in the Properties for a further cash consideration of £1.8m. The option will be exercisable within a 6-month period from the date of the signing of the detailed Purchase Agreement regarding the Proposed Sale.
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “The proposed sale of a minority interest in our US projects is in line with our group strategy to progressively deliver value from our portfolio of junior mining assets. The Blackbird Creek and Emperium Projects form part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the Company for our shareholders.”
Related Party transaction
The Proposed Sale and grant of option are deemed to be related party transactions for the purposes of DTR 7.3 as Chang Oh Turkmani, a beneficial owner of the Buyer, is also a Non-Executive Director of Technology Minerals Plc and beneficial owner of 55,555,556 ordinary shares amounting to 4.37% of the issued shares in the Company.
The Directors of the Company accept responsibility for this announcement.
For further information please contact:
Technology Minerals Plc
Robin Brundle, Executive Chairman
Alexander Stanbury, Chief Executive Officer
+44 20 7618 9100
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