Gladiator Resources Ltd. said Jan. 22 that it entered into a binding share sale agreement with Vecco Group Pty. Ltd. to acquire the Highgate vanadium project, which is located in the Mt. Isa minerals province in Queensland, Australia.
Under the deal, Gladiator will issue A$1.2 million in shares and A$100,000 in cash, to be paid in different stages.
Pursuant to the agreement, Gladiator will gain a full but indirect interest in the project by acquiring NQ Utah Pty. Ltd., which holds the rights to the project through an exploration permit.
Gladiator plans to complete 15 to 17 more drill holes to further define vanadium, molybdenum, aluminum and the potential of other battery metals.
Meanwhile, the company said it is assessing funding strategies to provide the capital needed for the progress of the Highgate vanadium and Marymia gold projects, and to make sure the company has sufficient working capital for ongoing commitments.