Atlas Metals Group plc (LSE:AMG) rocketed 90% in early deals as it inked a new acquisition deal, a reverse takeover.
It sees the company acquiring Universal Pozzolanic Silica Alumina Ltd, which owns rights to a ‘pozzolanic silica alumina reserve’ in Australia.
The project comes with extraction rights over some 250 million tonnes for 99 years, plus separate rights over a further 1.35 billion tonnes (held by Claystone International Pty Ltd).
Altogether, the vehicle was, in October 2024, said to have £1.08 billion of audited net assets.
As well as being a reverse takeover, the transaction will also bring in a new board.
Separately, Atlas agreed to sell its Gold Ridge asset in Arizona for US$550,000 and it added that it continues to consider ways to realise value from other legacy assets.
Other acquisitions are also still sought by the company.
“Atlas continues to investigate other potential complementary acquisition opportunities in line with the company's strategic goal to build a global natural resources business,” the firm said in Tuesday’s statement.
The company, formerly MetalsNRG, was renamed Atlas Metals Group in December and, also in December, exited a potential deal in Morocco.