Corazon Completes Miriam Project Exit, Nets A$350k Cash Injection

Strategic Divestment Finalized

Corazon Mining Limited (ASX: CZN) has completed the divestment of its remaining 15% interest in the Miriam Project, located in Western Australia, to Future Battery Minerals Limited (ASX: FBM). This transaction, announced on 19 May 2025, marks the full transfer of the project’s lithium and industrial mineral rights to FBM, accompanied by a cash payment of A$350,000 to Corazon.

The sale agreement also includes Corazon relinquishing its base and precious metal rights over the Miriam Project, effectively ending its direct involvement in the asset. This move aligns with Corazon’s ongoing strategic review aimed at maximising shareholder value by focusing on core assets.

Implications for Corazon’s Portfolio

As part of the deal, Corazon will cancel 120,967,744 performance rights in FBM, which it previously held, for nil consideration. However, it retains a significant shareholding of 16,129,033 fully paid ordinary shares in Future Battery Minerals from the original sale transaction announced in March 2024. This shareholding maintains Corazon’s indirect exposure to the Miriam Project’s future prospects under FBM’s stewardship.

The divestment also terminates the existing royalty arrangements between Corazon and FBM’s subsidiary, Eastern Coolgardie Goldfields Pty Ltd, simplifying the ownership and operational structure of the Miriam Project.

Context Within Corazon’s Broader Strategy

Corazon’s portfolio is anchored by its Lynn Lake Nickel-Copper-Cobalt Project in Canada and the Mt Gilmore Cobalt-Copper-Gold Sulphide Project in New South Wales. The company’s decision to exit the Miriam Project reflects a sharpened focus on these core critical minerals assets, which are strategically positioned to benefit from the growing demand in the renewable energy sector.

By divesting non-core interests and streamlining its holdings, Corazon aims to strengthen its balance sheet and concentrate resources on advancing projects with higher strategic value and potential returns.

Looking Ahead

Completion of the sale is expected imminently, with no conditions attached, signaling a clean break from the Miriam Project. Future Battery Minerals now holds full control over the project’s lithium and industrial mineral rights, positioning it to potentially accelerate development in a sector increasingly critical to battery and renewable technologies.