Stavely Minerals Limited (ASX:SVY) entered into Non-binding Term Sheet to acquire North West Nickel Pty Ltd from Chalice Mining Limited (ASX:CHN) for AUD 1.4 million on May 23, 2023. AUD 0.05 million will be paid in cash as deposit, AUD 0.95 million will be paid in Stavely Minerals, AUD 0.35 million of performance rights and AUD 0.05 million performance rights which convert to ordinary shares. Through North West Nickel acquisition, Stavely minearls will own Hawkstone Nickel-Copper-Cobalt Project.

Prior to this acquisition, North West Nickel will acquire 100% of tenements E04/2299 and E04/2325, currently held by Strategic Metals Pty Ltd, and 100% of tenement E04/2784 currently held by CGM (WA) Pty Ltd. The transaction is subject to execution of a binding Definitive Agreement to replace the Terms Sheet.