Altair Minerals Limited (ASX:ALR) has entered into a Binding Term Sheet for the sale of its wholly owned subsidiary Cobalt X Pty Ltd to public unlisted company Nexum Resources Limited, with deemed consideration of A$1,400,000 to be received in the form of 7,000,000 fully paid ordinary shares in Nexum at a deemed issue price of A$0.20 per share, according to a company filing dated 6 November 2026.

Key Points

  • Altair Minerals has executed a Binding Term Sheet for the sale of Cobalt X Pty Ltd to Nexum Resources Limited for deemed consideration of A$1,400,000.
  • Consideration comprises 7,000,000 fully paid ordinary shares in Nexum at a deemed issue price of A$0.20 per share, being the proposed Nexum IPO price.
  • Cobalt X holds seven Queensland tenements across the Wee Macgregor and Mt Cobalt permit areas in Queensland, Australia.
  • Completion is subject to conditions including Nexum's due diligence, regulatory approvals, third-party consents, any required shareholder approval, and no material adverse change.

Transaction Terms and Nexum IPO Plans

Under the Binding Term Sheet, Altair will receive 7,000,000 fully paid ordinary shares in Nexum Resources Limited, valued at a deemed issue price of A$0.20 per share for a total deemed consideration of A$1,400,000. Nexum is described in the filing as a public unlisted company that is in the process of planning an Initial Public Offering over the coming six months. The deemed issue price of A$0.20 per NXM Share corresponds to the proposed Nexum IPO price, as disclosed in the filing.

Queensland Tenements Held by Cobalt X

Cobalt X Pty Ltd holds seven tenements across two project areas in Queensland. In the Wee Macgregor project, located at Mt Isa, Queensland, Cobalt X holds an 80% beneficial interest in mining leases ML 2504, ML 2773 and ML 90098 under a farm-in agreement with Mining International Pty Ltd, which retains the remaining 20% interest. The Mt Cobalt permits comprise four 100%-held exploration permit for minerals: EPM 26379 covering the Mt Cobalt Mine Area, EPM 26380 covering Success Mine Area 1, EPM 26376 covering Mt Gordon Mine Area 1, and EPM 26377 covering Mt Gordon Mine Area 2.

Conditions Precedent and Portfolio Strategy

Completion of the transaction is subject to several conditions precedent, including completion of Nexum's due diligence on Cobalt X and its Queensland projects, all required regulatory approvals and waivers, all third-party consents and waivers, any shareholder approval required under the ASX Listing Rules or the Corporations Act, and no material adverse change. The filing states the transaction aligns with Altair's strategy of streamlining its portfolio and monetising non-core assets outside the company's primary focus, which the filing identifies as the Greater Oko Project in Guyana and the Olympic Domain Project in South Australia.