Australasian Metals Limited has entered into a binding option agreement with Firering Strategic Minerals plc to acquire majority interests in the Atex and Alliance lithium projects in Côte d’Ivoire.

Under the transaction, Australasian will secure an exclusive three-month option to acquire up to a 75% interest in the Atex project and a 51% interest in the Alliance exploration licence. Upon completion, the company will step in as project operator.

The agreement requires an initial option fee of A$100,000 and a purchase consideration of A$1.4 million. Australasian plans to fund the transaction using existing cash reserves of approximately A$2.3 million alongside a A$1 million placement.

The Atex project is backed by historical diamond drilling results from a 2022 scout campaign, which include an intersection of 67.97 metres at 1.23% lithium oxide from 68.4 metres in hole TVDD0004. Historical drilling has confirmed lithium mineralisation over a strike length exceeding 800 metres, leaving the system open for further exploration and resource growth.

“Historical drilling at Atex Project has delivered exceptional drill results, and we see significant upside through systematic exploration and resource definition.” — Qingtao Zeng, Managing Director

During the three-month option window, Australasian will execute a comprehensive due diligence program across the properties. Planned activities include site visits to verify historical drilling data, geological mapping, representative sample collection, and preliminary metallurgical test work. In addition, the team will initiate public consultation and permitting procedures required to support a maiden drilling campaign.

The company will decide whether to exercise its acquisition option once these due diligence and evaluation steps are complete.

Australasian holds several other lithium-focused assets within its portfolio, including the Alliance exploration licence in Côte d’Ivoire and earlier exploration holdings.

Read the full announcement: Option over highly prospective African Lithium Projects