BENMARA BATTERY METALS PROJECT UPDATE, NT

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