Verity Acquires Remaining 34% JV Stake, Secures 100% Ownership of Botswana Metals Portfolio

Strategic Acquisition Consolidates Verity’s Botswana Assets

Verity Resources Limited (ASX – VRL) has taken a decisive step in its critical metals strategy by acquiring the remaining 34% joint venture interest in its Botswana copper-silver and nickel projects from BCL Investments Limited, a Botswana government-owned entity currently in liquidation. For a modest cash consideration of US$206,060, Verity now holds 100% ownership of a sprawling 1,800 square kilometre portfolio of high-grade mineral assets in northeastern Botswana.

This acquisition simplifies Verity’s operational control and paves the way for more streamlined exploration and development activities across its flagship projects – the Airstrip and Dibete copper-silver prospects, and the Maibele North nickel-copper-PGE deposit. The portfolio has already attracted significant investment, with over A$15 million spent to date, including A$4 million by BCL since 2012.

High-Grade Copper and Silver Prospects with Depth Potential

The Airstrip and Dibete prospects stand out for their exceptionally high-grade copper and silver mineralisation. Historical drilling has revealed impressive intercepts such as 11 metres at 7.63% copper and 462 grams per tonne silver at Airstrip, and 25 metres at 2.17% copper and 77 grams per tonne silver at Dibete. These results underscore the bonanza nature of the veins and the potential for significant resource expansion.

Geophysical surveys, including induced polarisation and audio-frequency magnetotellurics, have identified deeper conductive zones beneath known mineralised shoots, suggesting that the deposits may extend well beyond previously tested depths. Both prospects remain open along strike and at depth, offering compelling targets for upcoming drilling campaigns.

Maibele North – A Nickel-Copper-PGE Resource with Expansion Upside

The Maibele North project hosts a JORC (2012) inferred resource of 2.38 million tonnes grading 0.72% nickel, 0.21% copper, and notable platinum group elements and gold credits. This deposit is geologically analogous to other significant nickel discoveries in mobile belt terrains globally, such as IGO’s Nova-Bollinger and Chalice Mining’s Gonneville.

Exploration efforts have delineated sulphide mineralisation over more than 1.3 kilometres of strike, with mineralisation open laterally and at depth. Recent geophysical surveys have revealed strong conductors beneath and along strike of the resource, highlighting promising targets for resource growth.

Regional Context and Market Implications

Verity’s Botswana assets lie within the Limpopo Mobile Belt, a region known for major nickel and copper deposits. Notably, the projects are situated within 50 kilometres of NexMetals Mining Corporation’s Selebi mine and smelter complex. NexMetals recently secured a US$150 million letter of interest from the Export-Import Bank of the United States to support development of its nickel-copper projects in Botswana, signalling strong international backing for critical metals development in the region.

Verity’s consolidation of full ownership enhances its strategic position amid growing global demand for copper, silver, nickel, and platinum group elements; metals critical to the energy transition and advanced technologies. The company’s portfolio now spans multiple jurisdictions and commodities, including its Monument Gold project in Western Australia and rare earth element projects in Brazil.

Looking Ahead

With full control over its Botswana portfolio, Verity is well placed to accelerate exploration and potentially advance these high-grade critical metals projects toward development. The company’s management has expressed enthusiasm about the acquisition’s value proposition and the opportunity to unlock further resource potential in a stable mining jurisdiction.