06/01/2017 - 15:15

Estrella dives into WA lithium

06/01/2017 - 15:15

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Lithium play Neometals has joined the share register of Sydney-based Estrella Resources, at the same time that company completed its acquisition of Mt Edwards Lithium, which has tenements in Western Australia.

Neometals managing director Chris Reed has led the company onto Estrella's share register. Photo: Attila Csaszar

Lithium play Neometals has joined the share register of Sydney-based Estrella Resources, at the same time that company completed its acquisition of Mt Edwards Lithium, which has tenements in Western Australia.

Estrella had announced in November it would move on Mt Edwards, which has 75 per cent ownership over the tenements, with the remaining 25 per cent under the control of Apollo Phoenix Resources.

Those tenements are located near Neometals’ Mt Marion operation near Kalgoorlie, where that company has been active for nearly a decade and recently completed a $70 million project.

Estrella issued 150 million securities in a scrip transaction, worth around $10 million.

Shares in Estrella were 9 per cent higher at 7.1 cents each at the close of trading while shares in Neometals were up 5.7 per cent to 37 cents.

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