Aim-listed African Battery Metals (ABM) has conditionally agreed to acquire Cobalt Blue Holdings (CBH) and Regent Resources Interests Corporation (RRIC), which hold highly prospective base metals exploration assets in Cameroon and Côte d’Ivoire, respectively.
CBH holds four prospecting licences and two prospecting licence applications, in Cameroon, close to one of the largest undeveloped cobalt reserves in the world.
RRIC has the irrevocable right to earn up to 70% of the 380 km2 Lizetta II cobalt, chrome and nickel project, in Côte d’Ivoire.
The transactions are aimed at diversifying ABM’s geopolitical and commodity exposure within the battery metals space, providing additional re-rating potential.
ABM CEO Roger Murphy on Wednesday said the proposed acquisitions are intended to fast-track the company’s strategy to become a significant battery metals explorer, developer and producer.
“The proposed acquisitions of two highly prospective nickel and cobalt assets in new jurisdictions complement our existing Democratic Republic of Congo cobalt projects and give us what the ABM board believes to be an extremely exciting portfolio,” he added.