ACQUISITION OF ARUNTA LITHIUM TENEMENTS COMPLETE

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ACQUISITION OF ARUNTA LITHIUM TENEMENTS COMPLETE

  • Ministerial approval granted for transfer of 100% interest in nine (9) prospective tenements in the Northern Arunta Pegmatite Province, Northern Territory

  • Prospective for lithium and other strategic metals, Li-Cs-Ta, REE (La-Ce)-Y-Nb and Co, used in the production of electric vehicles

  • Field work commencing next week

    Northern Cobalt is pleased to announce that all the conditions precedent to the acquisition of nine (9) tenements in the Arunta region in the Northern Territory have now been met and Ministerial approval has been granted to transfer 100% interest in the tenements to Northern Cobalt. Northern Cobalt’s geologists are travelling to site to commence mapping and sampling early next week.

    Details of the transaction

    • Northern Cobalt has issued 600,000 fully paid ordinary shares to Gempart (NT) Pty Ltd (and nominee) to acquire a 100% interest in the 9 (nine) tenements

    • The share issue has been made under the Company’s 15% placement capacity under listing rule 7.1

    • Complementary project to the advanced Wollogorang Cobalt Project

    • Prospective for strategic metals including Li-Cs-Ta, REE (La-Ce)-Y-Nb and Co

Video Explainers

N27 V4 ARUNTA OVERVIEW THUMNAIL N27 V3 WHYBATTERY THUMNAIL

Managing Director Michael Schwarz commented “These new hard rock lithium targets in central Australia are also prospective for other strategic metals used in electric vehicles such as the permanent magnets in electric motors and wind generators; typically, lithium-caesium-tantalum pegmatites and associated rare earth elements and niobium can be found in the project area. Ultramafic copper-cobalt (Cu-Co) mineralisation has also been identified in the region which further enhances the attractiveness of this prospective package as cobalt is the company’s number one target commodity. The Company will be pursuing mapping, soils, and rock chipping to work up drill targets over the coming months as we see this project as complementary to the advanced Wollogorang Cobalt Project further to the north. It aligns with our company strategy to pursue commodities essential to the renewable future”.