- Usha Resources (USHAF, Financial) sells two lithium pegmatite projects to Molten Metals for a 19.9% stake.
- The exclusivity period for the sale of the Jackpot Lake Project is extended to June 30, 2025.
- Usha Resources holds $2.6M in cash, cash equivalents, and equities.
Usha Resources (USHAF) is executing two pivotal transactions to realign its business strategy. The first involves an option agreement with Molten Metals Corp., allowing Molten to acquire 100% interest in two Ontario lithium pegmatite projects—Gathering Lake and Triangle Lake—in exchange for a 19.9% equity stake in Molten Metals through the issuance of 1,306,250 shares. This agreement aligns with Usha's focus on optimizing its asset portfolio.
Additionally, Usha has provided updates on the sale of its Jackpot Lake Lithium Brine Project, agreeing to transfer up to 90% of its interest to Stardust Power for a maximum consideration of US$26,025,000. Usha will retain a 2% Net Smelter Royalty (NSR). The exclusivity period for finalizing this transaction has been extended until June 30, 2025, as the parties continue diligent assessments.
Usha's financial stability is underscored by its $2.6 million in cash, cash equivalents, and equities, which includes approximately C$1.14 million in Formation Metals shares from a prior divestment. This strategic refocusing supports Usha's primary goal of developing its core assets like the Southern Arm copper project, which is poised for its inaugural drilling program.
