BlueBird Battery Metals Inc (CVE:BATT) has finalised its deal to buy the exploration licences of the Ashburton cobalt project in Western Australia.
The firm has now entered into a definitive agreement with vendor Peter Romeo Gianni to acquire 100% of the rights, title and interest in the granted licences, it said.
READ THE BIG PIC: BlueBird Battery Metals aims to help solve a looming problem facing electric car makers: the ‘unruly teenager,’ otherwise known as cobalt
Under the terms, Bluebird has paid C$25,000 to the vendor and will issue, over two years, shares worth C$1.5mln.
As reported previously, the project lies 100km southwest of Paraburdoo and may host a near-surface deposit.
WATCH: BlueBird Battery Metals Increases Australia portfolio with cobalt project
"We are excited to add another Co-Mn project to our portfolio in Western Australia that not only delivers well above industry standard Co grades but has the potential to yield simpler metallurgy, noting the cobalt is hosted by manganese," said Alf Stewart, president of BlueBird, in June.
"Another key reason we selected the Ashburton, other than the style and grade of deposit, is the Western Australia location, which is known globally as where mining projects can be fast-tracked to production, and dramatically quicker than North America.
Shares shed 1.30% to C$0.38 each.