The Grumpy Lizard property comprises several exposed graphite outcrops with potental for graphite bodies of greater than 10m in width and may run for several kilometres.

Matica also has an option to buy a 100% interest in the property by paying $35,000 and issuing 3.4 million shares of Matica stock, pas part of the agreement.

To establish an upcoming exploration program for the property, data collected from previous exploration with minimal overburden and technical expertise is being used.

Matica Enterprises CEO Boris Ziger said: "The Grumpy Lizard is an important graphite property for Matica.

"The lack of overburden on the property will make for a fast paced exploration program and the proximity to a potential graphite buyer should hasten the program towards development.

"The highly prospective nature of this property, when combined with the close proximity to the proposed Tesla Gigafactory make this a very strategic acquisition for Matica."

The graphite property involves 96 claims for a total of 1,920 acres and large flake graphite at surface has been identified by recent reconnaissance prospecting.