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Liontown Resources (ASX:LTR) has granted Albemarle a seven-day extension for due diligence as Albemarle’s $6.6 billion takeover bid faces fading prospects of success. The emergence of a potential blocking stake by Gina Rinehart has diminished the chances of Albemarle proceeding with a binding bid, causing Liontown’s shares to fall below Albemarle’s $3-a-share offer price. Share are trading 1.37 per cent lower at $2.88.
Wildcat Resources (ASX:WC8) announced that further high grade lithium assays have been discovered at their Tabba Tabba, south of Port Hedland, WA. In response, Wildcat Managing Director Samuel Ekins said, “The system is showing it has significant scale, we are seeing impressive intersections at multiple locations and the central pegmatite cluster seems to be getting better with depth.” Share are trading 17.05 per cent lower at 36.5 cents.
Sunstone Metals Ltd (ASX:STM) announced further high-grade gold-silver assays from the Limon epithermal discovery in southern Ecuador. In response, Sunstone Managing Director Malcolm Norris, “Limon is a significant discovery and it continues to grow with every round of drilling and assays. There is now abundant evidence to demonstrate that the orebody has every potential to support a starter pit opportunity for the large-tonnage Bramaderos porphyry development.” Share are trading flat at 1.5 cents.