Australian Vanadium Consolidates Mineral Rights at Gabanintha in Deal with Albright Metals
Australian Vanadium Limited (ASX:AVL) has agreed to consolidate ownership and control of mineral rights across the Australian Vanadium Project at Gabanintha, Western Australia, through a transaction with Albright Metals Ltd (ASX:ABR).
The deal terminates a 2017 Mineral Rights Sale Agreement and its associated 0.75% net smelter return royalty, with Albright's rights and interests reverting to AVL.
In consideration, AVL will pay Albright $500,000 in cash, issue $1.25 million of AVL shares, and assign its interest in a separate 0.75% net smelter return Royalty over the Tumblegum South project.
The reacquired rights extend to nickel, copper and gold within the project area, though AVL has stated no economic studies have yet established that recovery of these minerals would be commercially viable.
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