- Calidus Resources (ASX:CAI) welcomes news lithium major SQM has purchased a 30 per cent interest in Pirra from Haoma
- SQM is providing $3 million in funding to Pirra, ultimately increasing its overall ownership in the company to 40 per cent
- Pirra is kicking off exploration efforts with a focus on the highly promising Tabba Tabba shear
- CAI shares are up 15.4 per cent, trading at 15 cents at 1:40 pm AEDT
Calidus Resources (ASX:CAI) shareholders are excited by the news that lithium major SQM has agreed to purchase a 30 per cent interest in Pirra from Haoma.
SQM will ultimately increase its ownership to 40 per cent by providing $3 million in funding to Pirra.
As for Calidus, it will retain 40 per cent ownership in Pirra by injecting $2 million to fund exploration.
“SQM’s acquisition of a large stake in Pirra is a big vote of confidence in the prospectivity of the company’s lithium exploration acreage in the Pilbara,” CAI Managing Director Dave Reeves said.
Additional tenements secured
Calidus announced today that Pirra has acquired a set of tenements near Marble Bar, a region of great interest. These tenements were secured through a formal agreement with Haoma.
The deal includes two essential elements. Pirra invests $500,000 in exploration expenses over 18 months, covering all associated costs, and Pirra issues 7,500,000 performance rights to Haoma, which may be converted into Pirra shares upon reaching specific exploration milestones.
These acquired tenements span 348 square kilometres. Pirra’s East Pilbara holdings have grown to 1411 square kilometres.
Pirra has kicked off exploration efforts with a focus on the highly promising Tabba Tabba shear, an area with a history of lithium discoveries.
CAI shares were up 15.4 per cent, trading at 15 cents at 1:40 pm AEDT.