On Monday, Kuniko (KNI.AX) announced an offtake and equity investment deal with automaker Stellantis (STLAM.MI) to boost its Norwegian battery metals initiatives.
Kuniko said Stellantis would invest 5 million euros ($5.45 million) at A$0.467 a share in the battery metals miner for a near 20% interest.
Kuniko shares soared 58.1% to A$0.680, their best since Oct. 31.
Stellantis stated Friday that the carmaker would receive 35% of Kuniko’s Norway exploration projects’ nickel and cobalt sulfate for nine years.
Kuniko said Stellantis’ equity investment would fund Norway’s brownfield and greenfield battery metals exploration initiatives.
