Neometals re-enters upstream with US lithium-potash JV
ASX-listed Neometals is returning to upstream resource development with the acquisition of a controlling stake in a lithium/potash brine project in the US.
The company will earn a 51% interest in Utah Brine Corporation (UBC) by funding up to $2-million (A$2.82-million) in project costs over three years under a binding agreement with US-based partner Omaha Value.
UBC holds rights to a proposed lithium and potash brine project in the Paradox basin, Utah, where it has secured an exclusive access and use licence over 24 existing wells, oil and gas leases and associated infrastructure.
The licence, granted by American Helium and Ascent Resources, allows for brine sampling, testwork and evaluation activities across the project area.
Neometals said the transaction provided low-cost exposure to a large-scale brine-hosted lithium and potash opportunity, aligned with its broader critical minerals strategy.
UBC also controls more than 32 275 ha of mineral claims, prospecting permits and potash lease applications in the Lisbon Valley area, which is considered prospective for lithium-bearing brines.
Under the agreement, Omaha Value will fund a separate $1.9-million payment to the licensors, contingent on the receipt of all material approvals for commercial production.
The company noted that no mineral resources or ore reserves had yet been defined for the project, with current activities focused on exploration, sampling and technical evaluation.
Neometals said it would leverage its prior lithium development experience, including its involvement in the Mt Marion operation in Western Australia, as well as downstream processing technologies, as it advanced the US project.
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