Future Battery Minerals Limited (ASX:FBM) entered into an agreement to acquire the remaining 20% interest in Eastern Coolgardie Goldfields Pty Ltd from GoldFellas Pty Ltd for AUD 6.5 million on August 7, 2023. Future Battery currently holds an 80% interest in ECG, the Joint Venture entity exploring the KHLP, and, following completion of the acquisition, will hold all of the issued share capital in ECG. The total Consideration for the 20% acquisition under the agreement is as (i) AUD 0.5 million in cash comprising of AUD 0.25 million to be paid at completion, AUD 0.125 million payable 3 months from completion, and AUD 0.125 million payable 6 months from Completion; (ii) the issue of AUD 3 million worth of fully paid ordinary shares in Future Battery immediately prior to the Completion date (Consideration Shares); and (ii) the issue of an equivalent number of performance rights as the consideration shares which will vest and convert into shares upon Future Battery delineating and announcing a Mineral Resource (JORC Code compliant) of at least 10mt at 1.0% Li2O at the Kangaroo Hills Lithium Project (Consideration Performance Rights).

The completion date of the 20% acquisition is expected to occur on or around August 11, 2023.