NXMVictorian Lithium Target - Exploration Licence(s) granted?We...

NXM

Victorian Lithium Target - Exploration Licence(s) granted?

We have been waiting a long time for the victorian exploration license for the area next to Merrimac to be granted. I am not 100% sure, but I think it may have been granted recently.

Received the standard Australian Mining email, but it contained a reference to "Mass exploration greenlit in Victoria". I had a look but couldn't immediately determine anything - https://www.australianmining.com.au/mass-exploration-greenlit-in-victoria/

You can do a search on an address and/or just use the Map (there might be more efficient ways, but I am not across them). https://earthresources.vic.gov.au/licensing-approvals/location-of-licences/licences-near-me#lat=-36.65348872108202&lng=147.2283231854648

I know roughly where the NXM Lithium tenement should be (see Fig 1). Exploration Licence: EL008111 looks to be in the right location (Fig 2), was granted recently (30 May 2024) (Fig 3), and it ws granted to Jamieson Minerals (Fig 3), which I am quite sure is part of NXM - https://www.nexus-minerals.com/jamieson-minerals-victorian-tenement-application/ This link is on NXM's page, refers to the same minerals and refers to Dart, which owns most of the tenements surrounding this one. Jamieson also lists the same address and contact details as NXM.

It just appears from the NXM announcement dated 29 March 2023 (page 4 of 9) (https://www.nexus-minerals.com/investor-information/2023/2532419.pdf) that there should be multiple tenements and / or a larger tenement, as EL008111 is not the same shape / size.

I note that on 17 November 2023, NXM announced it was not electing to take up the Merrimac option https://www.nexus-minerals.com/investor-information/2023/2642746.pdf. In part given that once this exploration licence was granted for (essentially no cost) NXM would have exposure to Lithium in the same or better area.

Fig 1


Fig 2


Fig 3


BTR
Ooft. Very interesting to see you jump into BTR Dan. Personally, I pulled out of that a while back. They have 4.5 billion shares on issue, and another 1.5bilion or something in options. another 200m in performance shares, royalties on most of the (original) BTR tenenments, performance cash payments, and Linden has circa $15m coming to them in shares or cash, at their election.

They're going to do a consolidation, which is (in and of itself) not an issue, but they're increaseing market cap via M&A / dilution, not through actual value add. KWR had dirt cheap oz/$ (like $20 and oz; very cheap), it got a litlte more expensive with the KWR - BTR merger, and is now much more expensive.

I have no doubt that this company will reach a reasonable market cap, but I don't think that market cap will be reflected in the gains to shareholders.

Overvew - https://www.marketindex.com.au/asx/btr

Bidder Statement - https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02800527-6A1204881
Look at pages 56 - 61 and 88 - 96. It is "slightly" opaque just how much dilution there is to come.

If it were me, I would take my 20-30% profit from BTR and be happy. But, obvioulsy DYOR.