Alien Metals (AIM:UFO) has completed its acquisition of a 100% interest in Knox Resources, which holds seven granted exploration licences (with three more under application) across the Georgina Basin project in the Northern Territory.
The AIM-listed miner paid £200,000 in total consideration, including a £100,000 cash payment to Venari that has now been settled.
SRK Consulting valued the Knox exploration assets at between A$1.5 million and A$3.8 million, with a preferred value of A$2.7 million, using the geoscientific rating and comparable transaction methods.
Alien's directors believe this suggests the deal completed at a discount, reflecting Venari's push to focus on its Red Mountain lithium project.
The acquisition adds copper, gold and uranium exposure to Alien's portfolio, which centres on its 90%-owned Hancock Iron Ore project in the Pilbara, and delivers three drill-ready targets that the company expects to fund largely from existing resources over the next 12 months.
Board changes have also taken effect: Vincent Fayad joins as Executive Director and chief executive, Michael Carter moves from non-executive director to Non-Executive Chairman, and Bruce Garlick steps down as Executive Chairman, remaining as a non-executive director until 7 October to oversee the handover.
Carter thanked Garlick "for his leadership as Executive Chairman and his valuable support in progressing the Acquisition to completion."
Matthew Healy and Paul Abbott have also joined as technical consultants under a services agreement with Venari, tasked with supporting exploration across all of Alien's projects.
