Zeus Resources sells Mortimer Hills lithium project to Delta Lithium subsidiary for upfront cash.

From Yahoo Finance: 2025-04-29 10:18:00

Australian miner Zeus Resources has finalized a binding asset sale agreement with Electrostate, a subsidiary of Delta Lithium, to sell its 100% interest in the Mortimer Hills lithium project in Western Australia. Zeus will receive an upfront cash payment of A$150,000 and a structured resource royalty based on the delineation of a lithium mineral resource within four years.

The royalty payments will depend on the size and grade of the resource, with specific rates for different quantities. Delta Lithium will cover all future exploration costs at Mortimer Hills, while Zeus Resources retains potential benefits through the royalty structure. This move allows Zeus to focus on capital preservation and balance sheet optimization.

The transaction settlement is expected to be completed soon, pending standard conditions. Zeus chair Alvin Tan stated that this deal allows the company to realize upfront value and maintain exposure to potential lithium upside through a structured royalty. The divestment of the Mortimer Hills project enables Zeus to concentrate on advancing other projects.

In March last year, Delta Lithium signed binding farm-in joint venture agreements with other companies in the Gascoyne region. The news of Zeus Resources divesting the Mortimer Hills project to a Delta Lithium subsidiary was originally reported by Mining Technology. This strategic move positions Zeus for future success while allowing them to focus on their other projects.



Read more at Yahoo Finance: Zeus Resources divests Mortimer Hills lithium project to Delta Lithium subsidiary