Perth-headquartered MinRes began accumulating its stake in Azure in mid-October and has so far invested more than A$210 million in the takeover target.
MinRes’ other investments in Western Australia’s explorers include deals with Delta Lithium (ASX: DLI), Global Lithium Resources (ASX: GL1) and Essential Metals (ASX: ESS).
A decline in valuations for some lithium producers is making them prime targets for investors trying to find entry points into the clean energy transition and the electric vehicles supply chain trade.
Shares in Azure have surged 45% to a high of $4.01 since SQM logged its A$3.52 per share takeover bid. The stock closed 4.1% higher on Friday at A$3.85.