The program allows for a maximum of 28.15 million shares, leaving 10.8 million still available to be purchased.
Neometals recently determined that the retention of its 13.8% equity stake in the Mt Marion Lithium Project in Western Australia is in the best interests of shareholders.
The decision comes after a period of improved offtake pricing structure and levels, and the achievement of significant project milestones.
The Mt Marion Lithium Project is owned by:
- 43.1% Mineral Resources (ASX:MIN);
- 43.1% Ganfeng Lithium; and
- 13.8% Neometals.
Minerals Resources is the project operator and Australia’s largest contract minerals processor.
Ganfeng is China’s leading, most profitable lithium producer and has secured a life-of-mine, take-or-pay off-take agreement for Mt Marion.