Sentinel Exploration Limited are pleased to announce that we have reached an agreement to sell Sentinel’s interests in the Jupiter REE JV (formerly known as the Iron Duke REE JV) to Venture Minerals Ltd (“Venture Minerals” ASX: VMS) for $1.5m (subject to their shareholder approval in late August – refer ASX announcement 1 July 2024).
This sale coincides with a $6.2M fundraising announced by Venture Minerals on Monday 1 July 2024.
Sentinel is expected to hold approximately 3% in Venture Minerals after the raising.
Cornerstone investors in the raising included Lion Selection, a specialist and highly regarded mining fund. Venture Minerals will hold 100% of a large, high-grade Rare Earth Elements (“REEs”) discovery once the transaction is closed.
Venture Minerals and Sentinel discovered clay hosted REEs over a 40km2 footprint at Jupiter, located approximately 230km inland of Geraldton in the Mid-West region of Western Australia (refer ASX announcement – Fund Raising Deck).
REE’s have become a commodity sector of huge strategic interest to governments, with a broad suite of applications in magnets and super magnets, motors, metal alloys, electronic and computing equipment, batteries and catalytic converters. Production is dominated by China, and western Governments are providing support to develop non-Chinese sources of production and processing. These initiatives are likely to reduce barriers to entry for new mining projects in a commodity sector which historically has been challenging to establish new sources of production.
We are pleased to have been able to monetize this asset which was not one of our core projects and is likely to be upgraded in terms of resource and development by Venture Minerals through their proposed work program. This transaction provides Sentinel with liquidity to bolster our balance sheet, as well as carefully advance our prospective gold and copper projects, including Cubbine Hills (Gold and Copper), Marda East (Gold) and Kirup (Lithium, Gold, near Greenbushes WA).
News Release
Date: 4 July 2024
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Sentinel Exploration Limited owns five projects in geographically diverse domains in Western Australia. The Company continues to acquire, then value add mineral exploration, development, and mining opportunities in Australia and across the globe.
