Australia-listed Rapid Lithium has entered into a binding term sheet to acquire certain mineral claims that comprise the Prophet River gallium/germanium project in British Columbia, Canada, from Broadstone Resources.

The mineral claims to be acquired are targeting the exploration and development of zinc, germanium and gallium.

Rapid states that Prophet River bulk samples have reported some of the highest germanium values recorded globally, underpinning it as a key strategic project.

It further notes that germanium and gallium are exceptionally high-value strategic metals used in the technology sector, semi-conductors, fibre-optics, solar cells, magnets, batteries and LEDs with recent increases in commodity prices.

Rapid will pay Broadstone C$130 000 within 15 days after completion of the proposed transaction; the issue to Broadstone of 133.33-million fully paid ordinary shares in the capital of Rapid on completion of the proposed transaction; and the issue to Broadstone of 40-million options in the capital of Rapid on completion of the Proposed transaction, each with an exercise price of C$0.015 and an expiry of three years from the date of the issue.