LCL Resources signs $46M farm-in deal with Rio Tinto

• LCL Resources signed a binding farm-in agreement with Rio Tinto Exploration (PNG) for its Liamu Project in Papua New Guinea.
• Rio Tinto can spend up to $46 million in exploration funding to acquire an 80% stake in the project.
• The deal allows LCL Resources to advance remote exploration prospects through major external funding while collecting a management fee as the operator.

LCL Resources (ASX:LCL) has executed a binding farm-in term sheet with Rio Tinto Exploration (PNG) for up to an 80% interest in its Liamu copper-gold project.

The agreement follows a prior Papua New Guinea farm-in deal signed between the two companies for the Ono Project on 23 March 2026.

“A second agreement with Rio Tinto is a strong endorsement of the quality of LCL’s PNG portfolio and of the groundwork our team has completed at Dada and Ubei,” said LCL Resources Executive Chairman Chris van Wijk.

Under the initial terms, Rio Tinto can earn 51% by funding $6 million of exploration and 3,000 metres of drilling over five years.

Following the announcement, the LCL Resources share price was up at $0.008.

Rio Tinto can move to 80% ownership by spending another $40 million or defining a 1-million-tonne JORC-compliant copper resource.

LCL Resources will act as operator and earn a management fee while retaining exposure to future discoveries without direct funding obligations.