West Cobar Metals (ASX: WC1) has terminated its agreement to acquire a 100% interest in the Baxter Fluorspar Project in Nevada. The company entered a binding agreement to purchase the asset on 11 June 2026, but after a 30-day due diligence period, it has opted not to proceed with the transaction.

The decision stems from concerns regarding land title security. During its evaluation, the company identified that a proposed expansion of a nearby military zone created significant uncertainty over the future status of the project’s tenure. Although the team recognized the project’s geological merit, the board determined the title risks were unacceptable.

"Baxter was an attractive project for a low cost acquisition but with the proposed expansion of a military zone in the area, there is some uncertainty around future title and the Board has decided not to proceed with the transaction."

— Matt Szwedzicki, Managing Director

Following the withdrawal, West Cobar Metals indicated that it will redirect its capital and operational focus toward its existing domestic portfolio. Specifically, the explorer aims to prioritize its ongoing development efforts at the Salazar project, which has recently seen a technical review identify new high-grade scandium targets. Additionally, the company will continue to advance its copper exploration interests in the Cobar West region of New South Wales. The board remains committed to these core assets as it moves past the failed Nevada transaction.

Read the full announcement: Baxter Transaction Update