Australia's Armada Metals up on buying major stake in Zimbabwe project

Rapid Critical Metals

20/07/2023 05:52

** Shares of Armada Metals  AMM.AX  rise as much as 16.1% to
A$0.036, on track for best day since June 26 if trends hold
    ** Co says signed a binding term sheet to acquire 80%
interest in the Bend Nickel Project located in Zimbabwe
    ** Co says will fund 2,500 meters of drilling on the project
within the first six months, under stage one earn-in
    ** Adds stage two earn-in entails contribution of A$3 mln
($2.05 mln) towards exploration and related expenditures
    ** Stock has fallen 50% this year, as of last close

($1 = 1.4646 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))