Australian Vanadium (ASX:AVL) has agreed with Albright Metals (ASX:ABR) to terminate their 2017 mineral rights agreement, consolidating control of previously split mineral rights at the Gabanintha project in Western Australia, according to a Thursday filing with the Australian bourse.

The company will pay AU$500,000 in cash, issue AU$1.3 million worth of its shares and transfer its 0.75% net smelter royalty over the Tumblegum South project to Albright under the deal, per the filing.

The deal streamlines ownership and gives the company greater control over future project development, including potential opportunities in nickel, copper, cobalt, gold and other minerals, the filing said.

The company said the opportunities remain subject to further technical, economic and regulatory assessment and are not included in its current vanadium development case, the filing added.