PERTH (miningweekly.com) – Gold miner Westgold Resources has struck a revised royalty sale agreement for the lithium royalties on its Mt Marion and Buldania projects, in Western Australia, with Silverstream SEZC.
Westgold in December of last year struck an initial agreement with Silverstream over the lithium rights of its projects, but later that same month received a competing offer from Cobalt 27 Capital for A$250 000 in cash and 200 t of cobalt metal in exchange for its lithium rights.
Westgold accepted the higher offer from Cobalt 27.
However, the miner on Tuesday said that the sales agreement with Cobalt 27 had expired without being completed, prompting the company to revise its royalty sale agreement with Silverstream.
Under the new agreement, Silverstream will acquire the Mt Marion lithium rights for A$13-million and the Buldania lithium rights for A$2-million. The Buldania agreement is subject to pre-emptive rights with Liontown Resources.