The development by AVL of its world class, high grade vanadium-titanium-iron project at Gabanintha will continue unabated.
AVL will receive a 0.75% net smelter return and 5 million shares in Bryah Resources Ltd, which is planning to list on the ASX in the coming month.
The shares will give AVL a 7-9% stake in Bryah after its proposed initial public offering (IPO).
The transaction represents an opportunity for AVL to realise value for the gold and base metals’ potential of its Gabanintha and Peak Hill projects, whilst it continues to pursue its strategic focus on energy storage minerals, primarily vanadium and lithium.
AVL shareholders will also be given a priority opportunity to participate in the Bryah IPO.
Bryah Resources Ltd
Bryah is an unlisted public company with a focus on gold and copper exploration.
Apart from the Gabanintha and Peak Hill Projects acquired from AVL, Bryah has recently acquired tenements covering 500 square kilometres within the highly prospective and under-explored Bryah Basin in Western Australia.
With the addition of the AVL ground, this land holding exceeds 700 square kilometres.
Historical drill results from Gabanintha include 5 metres at 8.72 g/t gold and 3.05% copper from 31 metres depth.