Usha Resources sells Gathering Lake and Triangle Lake projects to Molten Metals for ~19.9% equity stake
Usha Resources Ltd. (TSXV: USHA / OTCQB: USHAF / FSE: JO0) announces the sale of the Gathering Lake and Triangle Lake lithium-pegmatite projects (Ontario) to Molten Metals. Total consideration includes cash and 1,306,250 shares of Molten Metals, representing approximately a 19.9% equity stake in Molten Metals.
Transaction summary
- Properties divested: Gathering Lake and Triangle Lake (Ontario lithium pegmatite).
- Consideration received: cash plus 1,306,250 Molten Metals shares.
- Resulting equity position: ~19.9% of Molten Metals.
Strategic rationale
The transaction allows Usha to focus operating capital on the Southern Arm copper-gold-zinc-silver VMS option in Quebec and the Jackpot Lake lithium-brine project in Nevada, while preserving exposure to the Gathering Lake and Triangle Lake assets through the Molten Metals shareholding.
Concurrently, Usha extended the exclusivity arrangement with Stardust Power for the proposed sale of up to 90% of the Jackpot Lake project. (Note: The Stardust exclusivity subsequently expired and was not renewed; Usha retains 100% of Jackpot Lake. See the press release dated June 30, 2025.)