Technology Minerals PLC - London-based company specialising in battery metals - Says its wholly-owned subsidiary Techmin Limited has exercised its option to purchase the Blackbird Creek Property in Lemhi County, Idaho from Alberta, Canada-based metal and mineral mining company DG Resource Management Ltd.

The property covers 1,285 hectares and is located within the Idaho Cobalt Belt, a 60 kilometres long metallogenic district characterised by stratiform and tabular copper-cobalt deposits.

Notes that a cash payment of C$100,000, around £59,057, was already completed last year under the acquisition terms.

Says it will also pay C$800,000 to DG by the issue of 21.0 million new shares in Technology Minerals priced at the admission price of 2.25 pence per share. This would be at a 53% discount to the current share price.

Notes that DG will retain the rights to a 2% net smelter royalty, however, Technology Minerals has retained the option to buy back 1% of the net smelter royalty for C$1.5 million.

‘We are pleased to complete the acquisition of the Blackbird Creek Property, a project covering 1,285 hectares that sits in the Idaho Cobalt Belt and has the potential to host significant cobalt-copper deposits. The Blackbird Creek Property forms part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the company for our shareholders,’ Chief Executive Alex Stanbury says.

Current stock price: 3.33 pence, up 7.4%

12-month change: up 2.5%

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