Bryah withdraws from govt-funded collaboration with Australian Vanadium
ASX-listed Bryah Resources said on Monday that it had withdrawn from a collaboration agreement with fellow-listed Australian Vanadium, which was instrumental in securing a A$49-million government grant.
While Bryah was not entitled to any of the grant funding, its exit from the agreement extinguishes a liability of A$100 000.
Australian Vanadium secured a federal grant in May 2023 to advance the Western Australia-based project.
As part of the project, Bryah collaborated on the recovery of nickel, copper, and cobalt from the tailings stream but retains the mineral rights to nickel, copper and gold. The collaboration was aimed at extracting strategic value from the non-magnetic tailings fraction at the Australian Vanadium project.
The Joint Ore Reserve Committee-compliant indicated mineral resource in the high-grade vanadium zone (HG10) includes 16.1-million tonnes 762 part per million (ppm) nickel, 212 ppm copper, and 231 ppm cobalt. Feasibility studies conducted by Australian Vanadium demonstrated that flotation testwork on non-magnetic tails produced sulphide concentrates with up to 6.3% base metals, including 2.02% cobalt, 2.58% nickel, and 1.70% copper.
With growing interest in critical minerals, Bryah is marketing the sale of its retained mineral rights to rationalise its asset base and unlock value for shareholders. Monetising these rights would provide additional funding for the company’s other projects. The tailings from the Australian Vanadium project could be processed separately in the future.
Bryah said its decision to withdraw from the Australian Vanadium collaboration provided financial flexibility while allowing the company to capitalise on its mineral rights independently. The company’s focus on gold exploration and asset monetisation aligned with its strategy to optimise its project portfolio and enhance shareholder value.
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