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LE Minerals Limited (ASX:LEL)

ALERT: Price-sensitive ASX Announcement for LEL
Current share price for LEL : $0.325 0.02 (6.56%)+
Announcement
Release
26 May 2026 9:22AM
Price at Release
$0.305
Full Release
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Summary
Lithium Energy Limited has entered into a Share Sale and Purchase Agreement to sell its graphite assets, held through Axon Graphite Limited, for $20 million to M Battery Materials Pty Ltd. This transaction includes the sale of 50 million shares in Axon Graphite, which owns significant resources at the Burke and Corella Graphite Projects in Queensland, Australia. Together, these projects boast substantial high-grade graphite mineral resources. The sale is contingent upon various conditions including MBM's successful IPO and listing on the ASX.
Key Points
  • Lithium Energy Limited (LEL) has agreed to sell its graphite assets for $20 million.
  • The sale involves 50 million shares in Axon Graphite Limited (AXG) to M Battery Materials Pty Ltd (MBM).
  • AXG owns 100% of Burke Minerals Pty Ltd, which holds the Burke and Corella Graphite Projects.
  • The Burke Graphite Project has a JORC Mineral Resource estimate of 9.1Mt at 14.4% Total Graphitic Carbon.
  • The Mt Dromedary Graphite Project has a Mineral Resource of 12.7Mt at 14.5% TGC.
  • The Corella Graphite Project has a Mineral Resource of 13.5Mt at 9.5% TGC.
  • MBM plans an initial public offering (IPO) to fund the acquisition.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.