The acquired claims are said to host a possible western extension of Blackflake West’s ‘All Channel’ electromagnetic graphite target.
The company also has an option to raise its holding to 65% in the near term.
The acquisition provides Xmet with the appropriate land position and allows the company to capitalize on its potential.
Xmet said: "Furthermore the terms of the agreement are very favourable to our shareholders as the company will not be issuing any shares or cash for the initial 50% interest in the new claims."
The company had earlier agreed to sell unrelated mining claims to Alibaba Graphite in exchange for shares.
Under the latest deal, Xmet is retaining the claims and cancelling its right to receive those shares in the private firm.
