Lode Resources (ASX:LDR) executed documentation for the divestment of its Webbs Consol silver project in New South Wales to Rapid Critical Metals (ASX:RCM), according to a Monday Australian bourse filing.

Rapid indicated that it expects to hold a general meeting of its shareholders to consider the transaction in early November, per the filing.

Lode will receive a consideration which includes AU$3.75 million in cash, of which AU$3 million will be paid upon completion and AU$750,000 will be paid 12 months from completion. It also includes 115 million shares in Rapid, subject to a 12-month voluntary escrow period, as well a a 2% net smelter return royalty over the project.

The royalty can be acquired by Rapid at any time for AU$2 million.

Lode's shares jumped 15% in recent trading on Monday, reaching the highest point in over two years.