Enterprise Metals signs option agreement for Eneabba East Project

Enterprise Metals Limited (ASX: $ENT) has signed an Option Agreement with Century Minerals Pty Ltd, granting the company the right to explore for heavy minerals (HM) such as zircon, monazite, rutile, ilmenite, Rare Earths, and base metals including titanium in the Eneabba East Project located approximately 300 km north of Perth, in the North Perth Basin.

Executive Commentary on Option Agreement

The signing of the Option Agreement with Century Minerals Pty Ltd marks a significant milestone for Enterprise Metals as it expands its exploration portfolio to include the Eneabba East Project. This strategic move aligns with our commitment to identifying and developing high-potential mineral resources, particularly in the heavy minerals, rare earths, and base metals sectors. We are excited about the prospect of unlocking the untapped mineral potential in the Eneabba East Project and look forward to the exploration activities ahead.

Summary of Option Agreement and Outlook

Enterprise Metals Limited has secured the sole and exclusive Option to evaluate the Eneabba Exploration Period for a period of 12 months from 1st May 2024. The company will issue a non-refundable fee of 20,000,000 Enterprise shares at a deemed signing issue price of $0.004/share, along with additional shares and compensation for Century's direct in-ground expenditure on the Project. The Option Agreement also outlines the potential establishment of an unincorporated joint venture between Century and Enterprise, with Enterprise undertaking exploration activities within the first two years post the Completion Date. The funds raised from the private Placement will be utilized to advance Enterprise's exploration programs and for working capital, reflecting the company's commitment to driving exploration and discovery in its mineral projects.