Australian Vanadium Ltd (ASX:AVL) has now finalised the sale of its precious and base metals rights on the Gabanintha Project, located in Western Australia.
The sale was to Bryah Resources Ltd (ASX:BYH), which is listing on the ASX tomorrow.
Consideration for the tenements and mineral rights was 5 million Bryah shares and a 0.75% net smelter return royalty upon commencement of production.
Australian Vanadium also subscribed for 2.5 million shares in the IPO of Bryah, bring its total position to 7.5 million shares for a 13.4% stake.
Vincent Algar, managing director for Australian Vanadium, commented:
"Having two companies working on the same project area allows for the potential to share infrastructure costs, building the financial case for our vanadium project at Gabanintha.
"We congratulate the Bryah team on their successful listing and look forward to watching Bryah’s progress over the coming months."