Usha Resources Transfers Rubidium Ridge Project to Panther Minerals

Usha Resources Ltd., a North American mineral acquisition and exploration company, has announced an agreement with Panther Minerals Inc. Under this deal, Panther gains the right to purchase Usha's Rubidium Ridge pegmatite project in Ontario, Canada. This move aligns with Usha's strategy to streamline its portfolio, focusing on core projects in copper and lithium exploration.

The agreement includes an upfront cash payment of $80,000 and the issuance of 4,150,000 Panther shares to Usha. Additionally, Usha retains a 2.0% net smelter returns royalty on production, with options for Panther to repurchase part of this royalty. Panther also promises a $1,000,000 bonus upon delineating a resource of at least 10 million tonnes at a minimum grade of 1% Li2O.

This transaction represents Usha's third divestment of a non-core asset in two years, reflecting its ongoing focus on key projects.