CREST RESOURCES INC. announced the finalisation of the Leigh Creek magnesite project acquisition. Crest will be accelerating three program paths for Leigh Creek, including research into magnesium-ion battery chemistry using Leigh Creek's magnesium feedstock, as well as intermediate and finished metal products. Located in the state of South Australia, approximately 6 hours north of Adelaide, Leigh Creek consists of two exploration licences covering 664 square kilometres which host crypto-crystalline magnesite mineralisation occurring in multiple near-surface dolomite beds.

Significant historical data will be digitised and collated as a first step, along with updated bench-scale metallurgical studies. The final amended agreement finalises compensation to include the issuance of 5 million Crest shares and 5 million warrants, along with annual payments of $360,000 for 7 years, and granting the vendor a 2% Net Smelter Return royalty. The annual payments will be credited to the loan outstanding in relation to the initial deposit payments of $2.5 million made in 2022.

In return, Crest will receive 69.5% of WitchiMag Pty Ltd., an Australian private company which owns 100% of Exploration Licence 6019 and 80% of Exploration Licence 6573 in the state of South Australia.