Altair Minerals Ltd. has to agreed sell its wholly owned subsidiary, Cobalt X Pty Ltd, to unlisted public firm Nexum Resources Ltd. in a deal valued at AU$1.4 million.
The transaction forms part of Altair’s plan to streamline its exploration portfolio and monetise non-core assets that fall outside its primary operational focus.
Under the terms of the agreement, Altair will receive 7,000,000 fully paid ordinary shares in Nexum at a deemed issue price of 20 cents per share. The issue price reflects the proposed listing price for Nexum, which is currently preparing for an IPO expected over the next six months.
Cobalt X holds Altair’s non-core Queensland tenement portfolio. This includes an 80 per cent beneficial interest in three mining leases forming part of the Wee Macgregor project near Mt Isa, namely licences ML 2504, ML 2773, and ML 90098, under a farm-in arrangement with Mining International Pty Ltd, which retains the remaining 20 per cent.
The transaction also encompasses 100 per cent ownership of four exploration permits for minerals (EPMs) covering the Mt Cobalt Mine Area, Success Mine Area 1, and Mt Gordon Mine Areas 1 and 2.
Completion of the sale remains subject to standard conditions precedent. These include Nexum completing due diligence on Cobalt X and its projects, securing necessary regulatory and third-party consents, obtaining any required shareholder approvals under the ASX Listing Rules or the Corporations Act, and ensuring no material adverse changes occur.
Following the divestment, Altair will focus its resources on its flagship exploration assets demonstrating Tier-1 discovery potential, primarily the Greater Oko project in Guyana and the Olympic Domain project in South Australia.