Technology Minerals PLC (LSE:TM1) said it received copies of five exploration permits in Cameroon that were applied for by Technology Minerals Cameroon Ltd (TML), a subsidiary of Onshore Energy Ltd (OEL), and that it is verifying the validity of the permits.
Technology Minerals had agreed to buy the cobalt and nickel exploration licences from OEL under a share deal and reserved 84 million of its shares to issue to OEL providing the permits were granted no later than 31 December 2021.
The licenses lie just to the northwest of an area known as the ‘Nkamouna cobalt find’, a mineral concession that was once claimed by its owners to be the largest known primary cobalt deposit in the world, Technology Minerals said in its prospectus ahead of its UK listing last November.