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Westgold accepts superior offer for Mount Marion, Buldania lithium royalties

Westgold Resources Ltd. now plans to sell its noncore lithium royalties at Mount Marion and Buldania in Western Australia to Cobalt 27 Capital Corp., subject to due diligence.

The company said Dec. 31 that Cobalt 27 Capital will purchase the royalties for A$250,000 and 200 tonnes of physical cobalt metal in a warranted London Metal Exchange warehouse.

Westgold entered a conditional agreement earlier in the month to divest the royalties to SilverStream SEZC for about A$15 million.

The company believes the Cobalt 27 Capital offer is superior due to current cobalt pricing, which it noted was at US$54,500/t, and will pay "minor" costs to terminate the SilverStream deal.