Technology Minerals has agreed to sell its exploration licences in Leinster, Republic of Ireland to European Lithium for US$10 million to be paid via a stake in Nasdaq-listed Critical Minerals Corp (Nasdaq: CRML).
Alex Stanbury, Technology Minerals chief executive, said: The agreement is an endorsement of our ability to identify and develop early-stage projects with significant potential.
“It also underscores our strategy to advance early-stage projects up the value curve and attract potential buyers or partners to bring additional value to the company and its shareholders."
Technology Minerals, which is opening a string of lithium battery recycling sites in the UK, added it will retain its 100% interest in the Asturmet project in northern Spain.
As part of the deal, the shares in Critical Metals will be held in escrow until 28 February 2025.
Technology Minerals’ Leinster project comprises 23 licences with all data accumulated through exploration so far also being sold.