MinRes, Dynamic amend terms of Widgiemooltha lithium JV
ASX-listed companies Mineral Resources (MinRes) and Dynamic Metals have revised the terms of their lithium-focused joint venture (JV) at the Widgiemooltha project in Western Australia, extending the Stage 2 earn-in period by two years and reducing the total expenditure commitment.
The JV, originally established under a March 2024 binding term sheet, has now been formalised with several amendments. The Stage 2 earn-in commitment has been lowered from A$15-million to A$14-million, while the timeline has been extended from four to six years from the July 12, 2024 start date. In addition, 16 tenements have been released from the JV and returned to 100% ownership by Dynamic Metals.
“The revised structure reflects a collaborative and pragmatic approach by both parties in light of the current challenges facing the lithium sector,” said Dynamic MD Karen Wellman. “DYM acknowledges the constructive nature of the discussions and the ongoing commitment MinRes has shown to advancing the project.”
Dynamic confirmed it had received the final A$1-million payment from MinRes for the Stage 1 earn-in, which secured 40% of the lithium mineral rights. The JV now focuses on a refined tenement package deemed most prospective for lithium after a technical review of the project area.
While MinRes progresses its lithium exploration activities, Dynamic Metals said it will continue to pursue gold opportunities across its remaining portfolio.
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