EQ Resources signed a definitive agreement to purchase CRONIMET's 50% joint venture interest in the Mt Carbine Retreatment joint venture.

The acquisition will grant EQ Resources complete ownership of the operation, enhancing its control over assets and liabilities, including offtake obligations.

The deal involves issuing new EQ Resources ordinary shares at 9 cents per share, totalling US$7.5 million ($11.2 million).

As part of the agreement, CRONIMET will continue to play a crucial role by becoming a marketing partner for EQ Resources' Saloro production.

The agreement also entails EQ Resources assuming CRONIMET's previous financial obligations, including a US$3.2 million ($4.8 million) equipment lease and a US$2.2 million ($3.3 million) working capital loan.