Core Lithium completes purchase of Bynoe Lithium Project with final $1.5 million cash payment
Tuesday, 7 July 2020 Core Lithium Ltd (ASX:CXO) will this month pay the final $1.5 million cash payment to Liontown Resources Limited (ASX:LTR) to purchase the Bynoe Lithium Project in the Northern Territory. This acquisition is playing a key role in the company's growth story through contributing to recent announcements of project resources of 15 million tonnes at 1.3% lithium oxide and ore reserves supporting a seven-year life of mine (LOM). Mineral resources defined by Core on the Bynoe project have included BP33, Carlton, Hang Gong, Booths, Lees and Sandras. In addition, the acquisition has also provided Core with access to the large process water dam established by Greenbushes in the 1980s. This is key to the company’s plans to develop and potentially expand production from its Finniss Lithium Project in the future. Key terms As part of the purchase agreement, Core was required to pay to Liontown $1.5 million (in cash or shares, at Core's election) within 30 days of Core declaring a mineral resource estimate of 5 million tonnes (inferred, indicated or measured) in relation to the tenements sold under the agreement. The contingent consideration milestone was met by Core with the recent announcement in June that the Finniss Lithium Resource had increased by over 50%. Core will pay Liontown the $1.5 million in cash before July 14 from its cash reserves of $8.5 million.
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