Zeus Resources divests Mortimer Hills lithium project to Delta Lithium subsidiary

GlobalData

Tue, Apr 29, 2025, 7:18 AM 1 min read

Australian miner Zeus Resources has finalised a binding plus merchantability statement with Electrostate, a subsidiary of Delta Lithium, to merchantability its 100% involvement successful the Mortimer Hills lithium task (Tenement E09/2147) located successful the Gascoyne portion of Western Australia.

Under the agreement, Zeus volition person an upfront currency outgo of A$150,000 ($95,882) and a structured assets royalty, which is contingent connected the delineation of a lithium mineral assets with a minimum people of 0.8% lithium oxide wrong the adjacent 4 years.

These payments volition alteration depending connected the size and people of the resource, with circumstantial rates applied to quantities little than 5 cardinal tonnes, betwixt 5 and 10 cardinal tonnes, and much than 10 cardinal tonnes.

Delta Lithium volition instrumentality connected each aboriginal exploration costs astatine Mortimer Hills portion Zeus Resources volition payment from imaginable find and improvement done the royalty structure.

This strategical determination allows Zeus to absorption connected superior preservation and equilibrium expanse optimisation portion maintaining an involvement successful the project's success.

The colony of this transaction is anticipated to beryllium completed soon, pending the fulfilment of modular conditions.

Zeus seat Alvin Tan said: “The Mortimer Hills transaction allows Zeus to realise upfront worth and clasp vulnerability to imaginable lithium upside done a well-structured royalty.

"It’s a win-win that enables america to absorption connected advancing our different projects portion maintaining optionality should Delta beryllium palmy successful defining a lithium resource.”

Last twelvemonth successful March, Delta Lithium signed binding farm-in associated task agreements with Voltaic Strategic Resources and Reach Resources, expanding its footprint successful the Gascoyne region.