Industrial Minerals extends Pippingarra option to 2028
- Industrial Minerals secured a 24-month extension for its Pippingarra Quarry option agreement, extending the term to Oct. 24.
- The company's stock dipped slightly, reflecting quiet trading activity following the project timeline update.
- The extension provides additional runway to advance high-purity quartz off-take discussions across Asia and progress feasibility studies.
Industrial Minerals (ASX:IND) has executed an agreement with North West Quarries to extend its exclusive option over the Pippingarra Quarry high-purity quartz project by 24 months to Oct. 24.
The option agreement was originally entered into on Oct. 25, 2023, and previously extended by 12 months to Oct. 24.
"Securing a further two-year extension is a clear vote of confidence from NWQ in the work IND has completed at Pippingarra," said Industrial Minerals Managing Director Warrick Clent.
The 24-month term requires a minimum additional expenditure of $200,000 while preserving the exclusive option to acquire 80% of non-construction mineral rights.
The company stated that the extended runway will allow it to advance off-take discussions with potential partners across Asia.
Following the announcement, the Industrial Minerals share price was down at $0.099.
Industrial Minerals has invested approximately $874,000 into the Pippingarra Project since October 2023 to complete drilling and trial work.
The project holds a maiden inferred mineral resource estimate of 6.2 million tonnes at 98% silicon dioxide on a granted mining lease.
