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"We're a battery metals company, as many people are now," managing director Neil Marston said.
While it started life as a copper-gold explorer, and added in some manganese interests within its Bryah Basin portfolio, and has speculated about recovering nickel and other from the tailings stream at Australian Vanadium's proposed operation at Gabanintha, it has now secured 690sq.km between the historical Maggie Hays and Emily Ann nickel deposits now owned by Poseidon Nickel and Wesfarmers' globally significant Mount Holland lithium operation.
Poseidon's Lake Johnson concentrator is on care and maintenance but could be an obvious destination for any future mined material.
The company applied for five leases covering 465sq.km in its own right and has acquired a further three licences covering 225sq.km from West Coast Minerals for $181,000 split between $75,000 cash and $106,000 worth of shares priced at 5.6c.
"It was a very cheap acquisition, but it was a no-brainer," Marston said, as the company's shares jumped more than 10% on the news on Friday.
Marston said there had been limited exploration for lithium and nickel in the leases in recent times, so it could be unlocked with modern exploration technologies.
"They complement our existing assets, and sit on the geological contact," he said.
"We're looking forwards to do the preliminary work in the next few weeks, pulling together all of the open file and historical data.
"There are some exploration targets we need to consider, and we have some ideas of our own, and we're looking forward to getting our hands dirty next year."
The company has about A$3 million in cash following the sale Tumblegum South gold deposit into recent float Star Minerals.
Bryah shares closed up 12% on Friday at 6.2c, valuing the company at $12 million. The stock was up 6% today to 6.6c, but the company is still below its 12-month peak of 11.5c.
