Venus Metals signs exploration and development agreement with IGO Ltd

IGO holds a 49% interest in a global joint venture with Tianqi Lithium Corp. The joint venture has a 51% interest in the Greenbushes Lithium Mine.

Highlights:

• Farm-in and joint venture (JV) in which IGO Subsidiary can progressively acquire up to a 70% interest in the Bridgetown Greenbushes Exploration Project, by incurring AUS$6 million of exploration expenditure on the project.
• IGO Subsidiary will sole fund all JV expenditure until the completion of a pre-feasibility study in relation to the project.
• If IGO Subsidiary completes a pre-feasibility study it has the right to acquire Venus Subsidiary’s 30% interest in the project for a price based on fair market value.
• Should IGO Subsidiary elect not to acquire the 30% interest, the parties will continue to be associated in an unincorporated joint venture under which the IGO Subsidiary must use reasonable endeavours to market and process all JV product, including Venus Subsidiary’s share.
• IGO Ltd subscribing for 9 million fully paid ordinary shares in VMC at US$0.23 per share.

Matthew Hogan, VMC’s Managing Director, comments:

“We are delighted to welcome IGO Ltd as a substantial shareholder of the company. IGO Ltd’s knowledge and technical expertise regarding LCT pegmatites and Ni-Cu-PGE Sulfide exploration, and development is invaluable for the highly prospective tenement package held by VMC at Bridgetown-Greenbushes next to the World’s lowest cost and highest grade hard rock lithium mine.”

Read the article online at: https://www.globalminingreview.com/exploration-development/30062022/venus-metals-signs-exploration-and-development-agreement-with-igo-ltd/