American Tungsten & Antimony (ASX:AT4) executed a share sale and purchase agreement with Nexus Metals to acquire the Del Sol hydrometallurgical antimony flake refinery in Nevada as well as the White Spar antimony mine in Arizona, which feeds the refinery, according to a Tuesday Australian bourse filing.

The total consideration payable includes $3 million in cash, a total of around 1.06 billion fully-paid ordinary shares of the firm to be issued on completion of the proposed transaction, a total of 255.7 million options, issued on terms identical to the firm's existing quoted AT4OE options which are exercisable at AU$0.10 apiece on or before Oct. 17, 2028, as well as a total of 803.6 million performance rights. The issuance of the securities is subject to the firm obtaining shareholder approval.

Nexus Metals will exercise its option to acquire Del Sol Refining, the owner of the refinery and the mine. The proposed transaction also includes deferred and contingent milestone payments of $20 million.

Completion of the deal is subject to shareholder, regulatory, and third-party approvals.

The Chief Executive of the firm, Casper Adson, plans to meet with the Nevada Division of Environmental Protection to progress approvals for a proposed increase in permitted capacity to around 100,000 tons of feed per year, as well as a proposed permit expansion for tungsten refining.

Its shares fell 2% in recent trading on Tuesday.