Liontown Resources (ASX:LTR) has signed a formal sale agreement with Westgold Resources (ASX:WGX) to acquire its 100 per cent-owned Buldania Lithium Project in WA.
The acquisition consolidates Liontown’s ownership of the emerging WA lithium project with revenue and production royalties relating to lithium and related minerals are being acquired for total consideration of $2 million in cash.
Buldania is around 30 kilometres east of Norseman and is Liontown’s second WA lithium project.
It's being progressed alongside its flagship Kathleen Valley Lithium Project, with a substantial resource drilling program currently in progress.
The acquisition is not subject to any conditions precedent and the transaction is expected to complete within the next 5 business days.
Shares in Liontown Resources (ASX:LTR) trading 10 per cent higher at 17 cents.