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  • Greenland Minerals (GGG) enters a binding heads of agreement with Technology Metals Europe and its shareholder Welsbach Holdings to acquire a 51 per cent interest in the company
  • Technology Metals Europe (TME) is the sole owner of the Villasrubias project in Spain which is prospective for lithium
  • GGG will acquire the 51 per cent interest in TME by spending $3 million on a jointly agreed works program within three years from the date of satisfaction
  • The transaction is subject to shareholder approval and remains conditional on completion of due diligence by Greenland on TME and the Villasrubias project
  • GGG is up 16.3 per cent on the market with shares trading at 5.7 cents at 1:24 pm AEST

Greenland Minerals (GGG) has entered a binding heads of agreement with Technology Metals Europe and its shareholder Welsbach Holdings to acquire a 51 per cent interest in the company.

Technology Metals Europe (TME) is the sole owner of the Villasrubias project in Spain which is prospective for lithium.

The project consists of an 11.4-square kilometre permit of investigation and the main target is a set of lithium-tantalum-niobium-tin-bearing aplite-pegmatite dykes.

Previous work included field reconnaissance, grab sampling and geophysics.

“With its rich tradition in mining and its strong presence in the European automotive market, Spain is ideal for the development of projects for critical technology metals supply chains,” GGG Non-Executive Chairman Ed Mason commented.

“We are keen to support local efforts to fund the projects that are centred on the circular and green supply chains of technology materials, including lithium.”

GGG will acquire the 51 per cent interest in TME by spending $3 million on a jointly agreed works program within three years from the date of satisfaction.

The transaction is subject to shareholder approval and remains conditional on completion of due diligence by Greenland on TME and the Villasrubias project.

“The Villasrubias project represents a great example of untapped potential within the Iberian tin-lithium belt,” GGG CEO Daniel Mamadou-Blanco said.

“Advances in extraction and refining technologies coupled with a secular demand growth in lithium demand makes the Villasrubias project attractive from a risk-return perspective.”

GGG was up 16.3 per cent on the market with shares trading at 5.7 cents at 1:24 pm AEST.

GGG by the numbers
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