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Caeneus to acquire 2 Nevada lithium projects

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Report Outlooks of Lithium and Cobalt

Essential Metals & Mining Insights July 2020

Caeneus to acquire 2 Nevada lithium projects

CaeneusMinerals Ltd. said March 30 that it has entered into a bindingheads of agreement to acquire Nevada Metals Pty. Ltd., which owns the LidaValley and Muddy Mountain lithium projects in Nevada.

Lida Valley covers approximately 2,620 acres and MuddyMountain encompasses about 2,542 acres. Both are near Tesla Motors' US$5billion Gigafactory, which is slated to begin large-scale production oflithium-ion batteries in 2017.

In consideration for Lida Valley, Caeneus will give NevadaMetals vendor DG Resources Management Ltd. a non-refundable cash payment ofC$32,500, to be made within five business days of the execution of theagreement.

Following shareholder approval for the deal, Caeneus willpay C$32,500 within 14 days and issue 100,000,000 of its shares at a deemedprice of 0.1 Canadian cent per share within 30 days.

Caeneus will issue 100,000,000 shares and 75,000,000 shares,respectively, 12 months and 24 months after shareholder approval.

DG Resources Management retains a 2% net smelter royalty onrevenue generated by the Lida Valley.

As for Muddy Mountain, Caeneus will make a nonrefundablecash payment of C$37,500 within five business days of the execution of the dealas well as pay C$37,500 and issue 125,000,000 of its shares within 14 days ofshareholder approval.

Caeneus will also pay C$75,000 12 months after thesettlement date. The company will also issue 125,000,000 of its shares on boththe 12th month and 24th month following shareholder approval.

The heads of agreement remains subject to satisfaction ofconditions precedent including completion of due diligence as well asshareholder and regulatory approvals.

Caeneus has raised A$482,645 from a share placement to startexploration work on Lida Valley and Muddy Mountain as well as to continue anactive exploration program at the Pardoo nickel project in Western Australia.