BENMARA BATTERY METALS PROJECT UPDATE, NT

Benmara SamplingRC drilling 2021 v3

 

Highlights

Resolution has received government approvals enabling the commencement of a drilling program at the Benmara Project planned for the 2023 dry season (expected May – Nov)

  • This approval was the remaining condition precedent on the Farm-in and JV agreement with OZ Exploration Pty Ltd (a subsidiary of OZ Minerals Limited ASX: OZL) on the Benmara Battery Metals Project in the Northern Territory
  • Approval triggers commencement of the Initial 2-year minimum commitment of $1m spend

Resolution has received the first cash call from OZL of ~$300,000 to fund:

  • Recently completed heritage survey and drilling proposal approvals
  • Tenement rents, desktop studies, administration and planning for the 2023 field program

Key terms of the OZL-RML Farm-in and JV agreement are:

  • OZL can earn a 51% interest by spending $4m over five (5) years
  • $1m Initial Period - two years
  • $3m Stage One Earn-in to 51% - over an additional three years
  • RML may retain 49% interest by electing to participate from year six (6)
  • If RML elects not to participate, OZL has the option to earn a 75% interest by sole funding and delivering a Positive Final Investment Decision to Mine
  • Resolution remains Operator during the Earn-in period with technical input from OZL

 

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