IN BRIEF: Bradda Head to buy six Tanzanian uranium assets
Bradda Head Lithium Ltd - North America-focused lithium developer - Enters conditional, definitive and binding asset purchase agreement with Zeus Resources (T) Ltd and US1 Critical Minerals Ltd, its parent company, to buy all rights and interests in six prospecting uranium licences. The assets include the Mkuju, Eland and Foxy projects. Bradda Head expects to undertake preliminary exploration work within one year of completion. Says total consideration for the assets will be USD1.8 million. Of this, USD1.0 million in cash will be due upon completion; USD300,000 will be due when Bradda Head produces an indicated and/or measured mineral resource of at least 25.0 million pounds of triuranium octoxide; and USD500,000 will be due upon completion of a definitive feasibility study and the formal decision to build an operating mine sourcing triuranium octoxide from any one of the licenses. The second and third payments may be in cash or shares. Bradda Head will also pay Zeus an exclusivity fee of USD120,000 for upcoming rents. Read More