Evergreen Lithium Pays $50,000 Option Fee to Acquire Mt Monger Tenements

Strategic Expansion in WA’s Goldfields

Evergreen Lithium (ASX – EG1) has taken a decisive step to bolster its gold exploration portfolio by executing a binding option agreement to acquire up to a 100% interest in the Mt Monger Gold Project. Located approximately 70 kilometres south-east of Kalgoorlie, the project sits within one of Western Australia’s most prolific gold-producing regions, known historically for yielding over 1.7 million ounces of gold.

The agreement, entered through Evergreen’s subsidiary Trumpeter Resources Pty Ltd, formalises the company’s previously announced intention to expand its footprint in the Goldfields. The non-refundable $50,000 option fee secures an exclusive right to acquire the tenements, with the option exercisable within a 12-month period, contingent on satisfactory due diligence and regulatory approvals.

Promising Historic Drilling and Exploration Potential

The Mt Monger package comprises multiple tenements including E25/525, E25/531, and others, covering a contiguous area with significant exploration upside. Historic drilling results have revealed notable gold intersections such as 40 metres at 2.49 grams per tonne at Kiaki Soaks and 9 metres at 5.02 grams per tonne at Duchess of York. These results underscore the potential for further discoveries, especially given the untested strike lengths and depth extensions that Evergreen plans to target.

Importantly, the project benefits from proximity to existing infrastructure, including Vault Minerals’ Randalls mill and Lefroy Resources’ recent Burns discovery, which could facilitate future development. Evergreen’s acquisition complements its existing Leonora and Queens projects, positioning the company to leverage synergies across its Western Australian gold assets.

Terms and Conditions of the Acquisition

Under the terms of the agreement, Evergreen will issue approximately 8.6 million fully paid ordinary shares valued at $250,000 to Metallium Limited, subject to shareholder approval. Additionally, a further $250,000 worth of shares will be issued upon confirmation of an inferred gold resource of at least 50,000 ounces at 1.5 grams per tonne within two years of completion. Both tranches of shares will be subject to a six-month voluntary escrow period.

The acquisition is subject to several conditions precedent, including satisfactory due diligence, shareholder and regulatory approvals, and any necessary ministerial consents under the Mining Act. Completion will occur within five business days following the exercise of the option, provided all conditions are met.

Looking Ahead

Evergreen Lithium’s move to secure Mt Monger signals a clear commitment to growing its gold exploration footprint in a region with proven mineralisation and infrastructure advantages. With exploration planning already underway, the company aims to unlock value from the project’s significant upside potential. Investors will be watching closely as Evergreen navigates the due diligence process and seeks shareholder endorsement in the coming months.