Future Battery Minerals Ltd will own all mineral rights at its Miriam Project in Western Australia’s Goldfields region after acquiring the gold and base metal rights and the remaining 15% of residual lithium rights from Corazon Mining Ltd for $350,000.
The company has also extinguished a 2% net smelter return (NSR) royalty over the project for an additional $65,000, removing all third-party royalty and offtake obligations from its entire Coolgardie tenure portfolio.
Clearing the decks
Managing director Nick Rathjen said the cash transaction marks a significant strategic milestone for FBM, with its now-100% ownership of all Miriam mineral rights underscoring the company’s commitment to the project.
“In addition to lithium, Miriam represents an attractive gold exploration opportunity, which also offers multiple long-term commercialisation pathways given its proximity to established processing mills and transport infrastructure,” he said.
“With the acquisition of the existing 2% NSR royalty over Miriam, we have also effectively cleared the decks of any non-government third-party obligations or rights with respect to royalties at the Coolgardie Gold and Lithium Project.”
The deal will see FBM, through its wholly owned subsidiary Eastern Coolgardie Goldfields Pty Ltd, take over full control of Corazon subsidiary Coolgardie Nickel Pty Ltd – the holder of the Miriam Project licences – consolidating all mineral rights under one umbrella.
Regional gold targets
The Miriam Project lies within the Coolgardie Greenstone Belt, adjacent to several significant gold operations including Horizon Minerals’ Burbanks (466,000 ounces), Beacon Minerals’ McPhersons Reward (132,000 ounces) and Focus Minerals’ Coolgardie Operations (2.7 million ounces).
Coolgardie Gold and Lithium Project View
FBM says the project area is host to multiple recorded gold occurrences, such as Forest, Goroke and Burbanks Monarch, and that initial workstreams are under way to validate historical data and conduct ground truthing.
Regional Map – Coolgardie Gold & Lithium Projects (W.A. Goldfields)
The company has begun a geophysical review to refine gold targeting across the tenure and is preparing for a maiden reverse circulation (RC) drilling program, slated to begin in July 2025. The program will focus on regional gold targets, including those with historical evidence of artisanal mining, which dates back to the 1890s in the Goldfields region.
The Miriam Project is fully permitted for exploration, with an approved conservation management plan and a granted program of work in place. Most of the tenure has already undergone cultural heritage surveys, allowing FBM to expedite its drilling timeline.
Strategic flexibility
Rathjen said the company’s priority is to progress gold exploration activities while continuing to advance due diligence on additional acquisition opportunities.
“Coupled with a robust cash balance, FBM retains complete flexibility to strategically time and execute our future planned exploration activities at Miriam and undertake additional gold-focused acquisitions,” he said.
With $7.4 million in cash and no debt as of March 31, FBM says it is well-funded to carry out its exploration plans through 2025 and beyond.