Buxton is planning to acquire 85% of the Yalbra project in return of a million shares that it plans to give Montezuma, currently valued at A $95,000 ($96,000).

Montezuma received A $,5000 ($ 5,056) from Buxton in consideration of being allowed a three month option to complete the acquisition.

The company stands to receive additional A$5,000 ($ 5,056) if the option is extended by another three months.

Demand for graphite has peaked in the recent past and Montezuma has chosen to realize the value of its graphite assets. However, the company continues to have an exposure to the sector with the remaining 15% stake in Yalbra project.

In the four kilometers of strike in historical trenches and drilling at Yalbra Wide, high grade, near surface zones of graphite mineralization has been identified, reports proactiveinvestors.co.uk.