Earlier this month, the group inked a letter of intent to acquire up to an 85% interest in the two vanadium permits in Badajoz in central Spain covering 500 square miles.
Major step forward
The deal included two further permits in southern Spain, covering cobalt, copper, nickel and manganese.
The Badajoz province is the unique region of Spain where vanadium has been extracted on an industrial scale.
The average vanadium grades historically extracted were 4-5% vanadium oxides (V2O5) with concentrations reaching up to 12% of (V2O5).
Spain has one of Europe´s most diversified mining sectors and produces copper, gold, wolframite, fluorite, potash and other metals, as well as industrial minerals and stone.
"This is a major step forward for the group that accelerates both our short and long-term goals to expand our search for ethically sourced battery mineral assets," said Patrick Morris, the chief executive of Primary Cobalt.
Shares in the company added 4.55% to stand at C$0.12.