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Exploration|PROJECT
Exploration|PROJECT
exploration|project

Core Lithium invests in Charger Metals and Bynoe project

9th September 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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ASX-listed Core Lithium on Monday announced an investment in fellow-listed Charger Metals and the Bynoe project,  in the Northern Territory.

Core, which previously made a nonbinding indicative offer for Charger, has agreed to acquire 7.6-million Charger shares held by Lithium Australia, taking its interest in the company to 9.8%. Lithium Australia will hold a 0.3% interest in Core.

In a separate agreement, Core agreed to purchase Lithium Australia’s 30% interest in Bynoe for $500 000. The exploration licence is surrounded by tenements that are part of Core’s Finniss project. Charger owns the remaining 70% interest of Bynoe.

Under the existing joint venture agreement between Charger and Lithium Australia, the 30% interest being acquired by Core is free carried, meaning that Lithium Australia is not required to contribute to exploration costs until Charger completes a definitive feasibility study. Until then, Charger bears all exploration and related costs for the Bynoe project.

These latest agreements come on the heels of Core's confidential, nonbinding offer to acquire Charger Metals via a scheme of arrangement—a proposal that was ultimately declined by Charger’s board. Despite this, Core has indicated that while it remains open to discussions, it currently has no intention of pursuing a takeover bid for Charger.

Edited by Creamer Media Reporter

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