Rapid Critical Metals (ASX:RCM) has acquired Silver Metals Group’s wholly owned subsidiaries Conrad Resources and Webbs Resources. This acquisition adds two significant silver projects located in New South Wales to the company’s portfolio. Rapid Critical Metals is a mineral exploration company focused on advancing silver and gallium projects in New South Wales and British Columbia.
Under the terms of the agreement, Rapid Critical, which has a market capitalisation of $18.53 million, paid $6.5 million through a combination of cash and shares to complete the acquisition. As a result of the deal, the company now owns the Conrad and Webbs projects, located in the New England Fold Belt of New South Wales, which collectively hold an estimated 34.9 million silver-equivalent ounces.
The Webbs project holds a resource estimate of 2.2 million tonnes at 205 grams per tonne silver-equivalent, containing 14.2 million ounces. The Conrad project has a resource of 3.33 million tonnes at 193 grams per tonne silver-equivalent, equating to 20.72 million ounces. Following the announcement of the acquisition, Rapid Critical Metals has implemented programs at the Webbs project. The focus is on expanding and upgrading the existing resource through targeted geophysics, drilling, and metallurgical studies.
In addition to the project acquisitions, Rapid Critical Metals has appointed Byron Miles as Managing Director, effective July 24. Miles brings over 18 years of experience as a financial market professional, previously working as a stockbroker and fund manager. Martin Holland and Michael Schlumpberger have also transitioned to the roles of non-executive directors, effective immediately.