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Ariana Resources completes lithium tenement sale

Ariana Resources said its interest in technology metals has been boosted as it completed the sale of a package of lithium-containing tenements in Pilbara, Australia to Dakota Minerals.
Ariana Resources completes lithium tenement sale
Ariana's managing director Dr Kerim Sener told investors today: "The completion of our transaction with Dakota is a significant boost to our emerging interests in technology-metals..”

Ariana Resources (LON:AAU) said its interest in technology metals has been boosted as it completed the sale of a package of lithium-containing tenements in Pilbara, Australia to Dakota Minerals.

As revealed in December, the sale - for cash and shares -  was arranged and carried out by Asgard, Ariana’s 86%-owned Australian subsidiary that specialises in metals for new technologies.

After various conditions have been now met, Asgard has now received an initial cash payment of A$147,000 and 22.5mln shares in Dakota (currently valued at A$1.2 million) and Ariana now owns around 8% of Dakota.

Ariana's managing director Dr Kerim Sener told investors today: "The completion of our transaction with Dakota is a significant boost to our emerging interests in technology-metals and proves our exploration targeting capabilities in parallel with our ability to rapidly commercialise new project opportunities outside of Turkey.

"We are continuing our efforts to identify further projects in the technology-metals space with a special focus on lithium at this time."

Ariana noted that Asgard's exploration model for lithium was now being applied to identify new project opportunities around the world, including in Turkey.

Asgard will continue to benefit fom the Dakota sale - as it has a fixed consulting fee of A$98,000 over 12 months and up to 29.4mln performance shares to be issued when certain milestones are reached.

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