• Shares of Core Lithium rise as much as 6.3% to A$0.255, their biggest intraday pct gain since June 1

• Company proposes to divest and spin out certain Northern Territory and South Australian exploration assets to create a new gold exploration firm named Axiant Resources

• The new venture will be divested via an initial public offering, and prospectus to be lodged with regulator ASIC in the third quarter

• Malcolm McComas appointed as Core Lithium Chairman as Greg English retires to become Axiant Chair

• YTD, Core Lithium shares down 7.3%

(Reporting by Nichiket Sunil in Bengaluru)