Asgard Metals Pty. Ltd. is an 100%-owned Australian subsidiary of Ariana, which was established by Ariana to focus specifically on technology-commodity opportunities. Asgard is focused on commodities used for renewable energy applications such as lithium and antimony. Such commodities are potential economic game-changers for a growing global population driven towards green energy platforms.
Asgard has interests in a lithium pegmatite project in the Pilbara region of western Australia in the vicinity of the Pilgangoora Project held separately by Pilbara Minerals Limited and Altura Mining Limited, which has itself been confirmed to contain the world's second largest hard-rock lithium resource in the world.
In the past 12 months Asgard has completed two major deals to vend its licences to Dakota Minerals Ltd and Kingston Resources Ltd respectively. In addition the Company has signed a Memorandum of Understanding with Metal Tiger plc for the review, exploration and development of lithium-tantalum opportunities in the Malay Peninsula, and specifically within Thailand and Myanmar.
The first deal was made in December 2015 with Dakota Minerals Limited (ASX:DKO). Asgard vended its licences at Pilgangoora to in exchange for A$147,000 in cash and 22,500,000 shares. Additional performance shares are to be issued in the event the project achieves specific milestones and Asgard will separately provide 12 months of consulting input to Dakota in exchange for a fixed fee payment of A$98,000 during 2016.
The second transaction was a JV agreement to vend a package of tenements in Western Australia and the Northern Territory to Kingston Resources Limited as part of a broader deal involving Slipstream Resources Group. This package of tenements contains potential for lithium-tantalum bearing pegmatitic mineralisation in four areas in Western Australia and the Northern Territory.
Asgard remains on the look-out for other exciting opportunities in the technology-metals space globally, that could be developed in conjunction with experienced partners.