Maverick has appointed experienced director and mining engineer Sam Smith to lead the company through the ASX listing process and to be the Managing Director post listing
Latin Resources has entered into a binding Heads of Agreement with Maverick Minerals. (Credit: Dominik Vanyi on Unsplash)
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce that it has entered into a binding Heads of Agreement with Maverick Minerals Limited (Maverick) for the sale of 100% of the issued capital in its wholly owned subsidiary Lotus Minerals Limited (Lotus) (Transaction).
Maverick has been established with a target of listing on the Australian Stock Exchange (ASX) in the coming months. Maverick’s focus will be a portfolio of projects in New South Wales (as acquired from Lotus), Western Australia and Canada. Commodity exposure will include lithium, copper and base metals and will target the growing battery minerals and critical minerals thematic, with projects located in tier one exploration and mining jurisdictions.
Maverick has appointed experienced director and mining engineer Sam Smith to lead the company through the ASX listing process and to be the Managing Director post listing. Mr Smith has over 15 years’ experience in the resources sector working in executive level positions, including his most recent position as CEO and Executive Director of Breaker Resources.
Mr Smith said: “Maverick is in the fortunate position of having a great portfolio of projects to begin its journey, and having the support of Latin Resources as a major shareholder and with a vested interest at Board level too.”
The sale of Lotus will allow the Company to focus on its flagship Salinas Project in Brazil, Cloud Nine Project, Catamarca Project and MT-03 Project, while undertaking a disposal of the Lachlan Fold Belt Project so that it can be further explored externally to the Company by Maverick.
This streamlining will also enable Latin Shareholders to participate in the growth of Maverick, with the prospective nature of the Lachlan Fold Belt Project warranting investigation by its own experienced Board and management team.
Source: Company Press Release