Highlights Zenith and EV Metals Limited (EVM) have agreed to settle outstanding monies owed to Zenith Minerals Limited, relating to the former farm-in agreement over the Company’s Western Australian Lithium Projects.
Settlement of EV Metals Debt
- Subject to receipt of $400,000 plus GST, Zenith has agreed the terms of a deed of settlement and release with EVM regarding all monies owed by EVM to Zenith.
- Payment to be received in two tranches this month.
- Company to refocus its exploration efforts following an 18-month hiatus in activity on its Western Australian lithium projects.
Zenith Minerals Limited (ASX:ZNC) (“Zenith”, or the “Company”) is pleased to advise that following a lengthy negotiation process it has agreed to the terms of a deed of settlement and release with EVM. The settlement pertains to all monies owed by EVM to Zenith (refer to the Company’s Annual Report 30 Jun 23 for background) regarding the now ceased 2022 lithium farm-in agreement. The settlement is subject to Zenith receiving a total of $400,000 plus GST in two tranches: $250,000 on 7 June 24 and $150,000 on 30 June 24.
Managing Director Michael Clifford commented: “I’m pleased to report that we have agreed terms with EVM on funds owed to the Company. I’d like to thank the new CEO at EVM for bringing this matter to a close and wish EVM well in their future endeavours, particularly with advancing the development of their Saudi Arabian lithium chemicals plant.”
About us:
Zenith Minerals Limited (ASX:ZNC) is an Australian-based minerals exploration company leveraged to the increasing global demand for metals critical to the production processes of new energy industrial sectors. The Company currently has four lithium projects all located in Western Australia. The 100% owned Split Rocks and Waratah Well projects are the two most advanced lithium projects in Zenith’s portfolio:
Contact details:
Jane Morgan