Future Battery flags $9.5m deal, elevates Power

Nev Power has been appointed as chairman of Future Battery Minerals as the company announced an 85 per cent acquisition of Coolgardie Nickel, a subsidiary of Corazon Mining.

Future Battery Minerals today announced on the ASX that Mr Power, a non-executive director, will be the company’s chairman effective today.

His appointment as chairman comes amid Future Battery Minerals’ announcement that it has entered into a purchase agreement with Corazon Mining Limited, to acquire 85 per cent of the latter’s subsidiary Coolgardie Nickel.

Corazon Mining announced on the market that it would receive up to $9.5 million for selling 85 per cent of the lithium rights to FBM.

The offer comprises $2 million as initial consideration, from $1 million cash and $1 million worth of FBM shares, and up to $7.5 million after achieving project milestones, Corazon said.

FBM is also in a trading halt, pending an announcement on an equity capital raising of at least $5 million via a placement of company shares to professional and sophisticated investors.

The West Perth-based company said Mr Power’s elevation to the role follows incumbent chairman Michael Edwards’ decision to step back to a non-executive director position.

“I am delighted to assume the chair role moving forward,” Mr Power said.

“I look forward to playing my part in successfully guiding FBM’s excellent team in navigating the advancement of our lithium assets in Western Australia and Nevada.

“With our strategic positioning in these regions, we are well placed to capitalise on lithium’s critical global role.

"This company has achieved a huge amount in a relatively short period of time, which is a testament to the quality of its assets and the energy of its team.”

Mr Power and his son pleaded guilty to breaching Western Australia’s border restrictions after they flew into the state on their private helicopter and avoided quarantine in October 2021.

The pair was convicted of breaching the restrictions in early 2023, but received suspended sentences.

Mr Power serves on the boards of Strike Energy and APM Human Services International but took a leave of absence during the legal proceedings.

He also served and took a leave from the board of Genesis Minerals during this time and returned to the goldminer in April 2023 before resigning from the company.

Mr Power served as Fortescue Metals managing director and chief executive from 2011 to 2018.

In November 2023, Mr Power joined FBM as non-executive director.

FBM said Coolgardie Nickel held tenements that comprise the Miriam Lithium project, immediately north of its flagship Kangaroo Hills lithium project.

The Miriam project would be a strategic acquisition to consolidate FBM’s landholding in the Coolgardie region, the company’s ASX announcement reads.

FBM managing director Nicholas Rathjen said the Miriam Project offered a highly prospective, drill-ready opportunity.

“Given our strong belief in the Kangaroo Hills Lithium Project, this acquisition represents an opportunistic and logical move to further consolidate our landholding in the region,” he said.

“This strategic addition is on ground endowed with confirmed outcropping spodumene lithium-bearing pegmatites and we look forward to commencing work at Miriam immediately, conducting detailed target generation with first drilling to commence during Q3 CY24.”

Corazon will retain 100 per cent of the base and precious metal rights at the Miriam project, according to the companies' ASX statements.