- Great Boulder Resources (GBR) looks to split from its Yamarna Copper-Nickel-Cobalt Project and relist the asset as battery-focussed entity, Cosmo Metals
- The move is hoped to allow the new company to “advance” Yamarna to its full potential while GBR retains focus on its gold assets
- Under the proposed demerger, Cosmo would acquire 100 per cent of the Yamarna Tenements for 25,000,000 Cosmo shares at $0.20 apiece
- Great Boulder describes Yamarna as a multi-commodity project bearing “significant” potential for mineralisation
- Great Boulder Resources shares are up 1.67 per cent to trade at 15.3 cents at 12:20 pm AEST
Great Boulder Resources (GBR) is looking to split from its Yamarna Copper-Nickel-Cobalt Project and relist the asset as battery-focussed entity, Cosmo Metals.
Great Boulder describes Yamarna as a multi-commodity project bearing “significant” potential for magmatic copper-nickel-cobalt-platinum group elements mineralisation.
The project is 130 kilometres northeast of Laverton in the Eastern Goldfields District of Western Australia. GBR said all tenements had been granted except for one exploration licence and one prospecting licence.
Great Boulder Managing Director Andrew Paterson said the move provided the most value accretive option for shareholders and would advance the project to its full potential.
“This is an exciting transaction for Great Boulder and our shareholders,” he said.
Mr Paterson will sit on the Cosmo board as a non-executive director but affirmed his focus would be developing Great Boulder’s gold assets, including its flagship Side Well Gold Project and the Whiteheads Gold Project.
Under the proposed demerger, Cosmo would acquire 100 per cent of the Yamarna Tenements in exchange for 25,000,000 fully paid ordinary Cosmo shares at $0.20 apiece.
Cosmo is then hoped to debut on the ASX with a minimum 25,000,000 Cosmo Metals shares and a $5 million initial public offering.
Great Boulder Resources shares were up 1.67 per cent to trade at 15.3 cents at 12:20 pm AEST.