Why Australasian Metals (ASX:A8G) Is Weighing a Binding Option Over Côte d'Ivoire Lithium-Tantalum Projects

Sonal Goyal

23 October 2026 05:42 PM AEDT

Why Australasian Metals (ASX:A8G) Is Weighing a Binding Option Over Côte d'Ivoire Lithium-Tantalum Projects

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Key Highlights

Australasian Metals signed a binding option on 7 September 2026 with Firering Strategic Minerals plc over the Atex and Alliance projects in Côte d'Ivoire.
The company paid A$100,000 for an exclusive three-month option expiring on 6 December 2026, with A$1.4 million payable on completion if exercised.
Cash was about A$3.0 million at 30 September 2026 with no debt, following a A$1.05 million Placement at A$0.13 per share.

Australasian Metals Limited (ASX:A8G) reported in its September 2026 Quarterly Report a binding option agreement, signed on 7 September 2026 with Firering Strategic Minerals plc, to acquire majority interests in the Atex lithium-tantalum project and the Alliance lithium project in Côte d'Ivoire. The company paid A$100,000 for an exclusive three-month option that expires on 6 December 2026. If it exercises the option, a further A$1.4 million in cash is payable on completion, subject to conditions precedent. The company said its decision is pending due diligence.

On completion, Australasian would hold 75 per cent of Atex and operate it, with Firering retaining 15 per cent and an existing partner 10 per cent. It would hold 51 per cent of Alliance, with existing partners holding 49 per cent, and Firering's option over a further 29 per cent of Alliance would transfer to it. Firering's interest is free-carried to a final Investment decision, and Australasian may buy Firering's remaining interest for A$5 million plus a 1 per cent royalty, with a Royalty buyout available for a further A$5 million. The Atex licence covers 134.96 square kilometres and its final renewal period expires on 15 November 2027, while the 365.27 square kilometre Alliance licence is still an application.

Historical results, not company-verified

The drilling and tantalum data in the report are historical and were reported by Firering or drawn from 1960s work. Firering's 2022 and 2024 drilling outlined spodumene-bearing pegmatites over more than 800 metres of strike. Selected intercepts include 67.97 metres at 1.23 per cent lithium oxide in hole TVDD0004 and 20.77 metres at 1.65 per cent in TVDD0018, reported as apparent widths with true width not established. The report's headline cites 27 metres at 2.13 per cent as starting at 68.4 metres, whereas its table places that interval from 76 metres. The document does not resolve this difference.

A 1965-66 review recorded tantalum concentrate in pit colluvium at up to 655, 4,600 and 14,700 grams per cubic metre at three zones. These are recovered concentrate figures, not in-situ grades, and the original laboratory sheets have not been located or re-assayed.

Field progress

Since the option was signed the company has met community leaders, started assessing infrastructure and core, and dispatched a 120 kilogram pegmatite sample to laboratories in South Africa and China for preliminary metallurgy. Auger drilling on northern targets, defined from rubidium, lithium and niobium soil anomalism, is expected to begin in November 2026, and diamond drilling preparation continues. Engagement with Nimbiasso representatives is outstanding.

Other projects

At the May Queen South bauxite project in Queensland, bulk samples averaged 41.77 per cent alumina, 5.30 per cent titanium dioxide and 57.9 parts per million gallium, with metallurgical testwork planned. An Inferred resource of 54.9 million tonnes at 37.5 per cent alumina exists, and renewal applications for two tenements lodged in February 2026 are pending. In the Northern Territory the company is targeting tantalum at Barrow Creek and lithium pegmatites at Mt Peake, with results informing early 2027 programmes. It has also begun preliminary discussions about spinning its Queensland gold portfolio into a separately listed entity.

Finances

A placement completed on 15 September 2026 raised A$1.05 million through 8,076,918 shares at A$0.13. Cash was about A$3.0 million at 30 September, with no debt. Operating outflow was A$176,000 and investing outflow A$183,000, and the company's Appendix 5B states 11.57 quarters of funding at current outgoings of A$259,000 a quarter. That figure does not include the A$1.4 million completion payment or future drilling spend.

Key dates

The Annual General Meeting of Australasian Metals (ASX:A8G) is on 12 November 2026, and the option decision falls by 6 December 2026. Results from the Northern Territory work are due in early 2027. No production or financial guidance was given, and the Atex and Alliance Acquisition remains conditional and uncompleted.

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