Armada Metals impairment announcement

Armada Metals Limited (ASX:AMM) has announced that it expects to record an impairment of approximately $11.5 million with respect to its Gabon asset. The decision comes after a review of the company's asset exploration portfolio in conjunction with the upcoming release of its June 2024 Half Year Financial Statements.

Executive Commentary

The Board's decision to impair the Gabon asset reflects our strategic focus on directing capital and efforts towards the exploration and development of the US assets to be acquired from Midwest Lithium Limited, subject to shareholder approval, and our existing Zimbabwean assets. This reallocation aligns with our commitment to maximizing value for our shareholders and advancing our core projects. - Martin C Holland, Executive Director

Summary of Impairment Announcement

Armada Metals Limited (ASX:AMM) has announced an expected impairment of approximately $11.5 million related to its Gabon asset. The company's decision to prioritize the exploration and development of US assets and existing Zimbabwean assets underscores its strategic reallocation of capital and efforts. The impairment will be detailed in the upcoming June 2024 Half Year Accounts. The company remains focused on delivering value to its shareholders and advancing its core projects, including the potential acquisition of US assets from Midwest Lithium Limited, subject to shareholder approval.