Future Battery Minerals Limited (ASX: FBM) (FBM or the Company) wishes to advise that its 80% owned subsidiary Eastern Coolgardie Goldfields Pty Ltd (ECG or the Seller) has entered into an agreement (Agreement) with Rocktivity Nepean Pty Ltd (Buyer) for the sale of certain Nepean Nickel Project (NNP) tenements (Transaction) for a total consideration of $10 million in cash ($8.0 million net to FBM).

The Company holds 80% of the total issued share capital of the Seller and the remaining 20% is held by Goldfellas Pty Ltd, a wholly owned subsidiary of Lodestar Minerals Limited (Lodestar) (ASX: LSR).

Executive Chairman, Mike Edwards commented: 'As a result of the new exploration focus on the Company's two exciting lithium discoveries, we have been looking at rationalising the Company's portfolio which has resulted in the execution of a sale of the Nepean Nickel Project. The Board believes that the timing is right and the sale proceeds will strengthen the Company's cash reserves to progress our strategic lithium exploration projects, comprising the high-grade hard rock 80% owned Kangaroo Hills Lithium Project (KHLP) and large-scale sedimentary potential of our and Nevada Lithium Project (NLP).'

Transaction Details

The completion of the Transaction is conditional on the Seller obtaining ministerial consent for the transfer of the Sale Tenements to the Buyer. The obligations of the Buyer are being guaranteed by Rocktivity Mining Pty Ltd (Rocktivity Mining), the parent and holding company of the Buyer. Rocktivity Mining is an established mining and investment company based in Perth, Western Australia, with a focus on project development through acquisition, right to mine or other corporate structures that create value for stakeholders. Refer to Rocktivity Mining's website at https://www.rocktivity.com.au/ for further details. A summary of the material terms of the Transaction are detailed in the Annexure to this announcement

Contact:

Email: mike.edwards@futurebatteryminerals.com

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