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Metalicity to acquire lithium portfolio in Western Australia from Fortescue

Metalicity Ltd. is acquiring a 579-square-kilometer lithium exploration portfolio in the Pilbara region of Western Australia from Fortescue Metals Group Ltd., including the Lynas Find North lithium project.

The company on Dec. 20 said it will pay an initial A$250,000 in cash and issue 5 million common shares and 5 million options, exercisable at 8 cents apiece, to Fortescue.

Metalicity will issue an additional 10 million common shares upon the definition of a total JORC-compliant inferred mineral resource estimate of a minimum 20 million tonnes at 1% lithium oxide across any of the tenements.