Maverick2 secures option to acquire 20% of Emu East Project from NT Minerals

NT Minerals (ASX:NTM) has entered into a term sheet with Maverick2, granting Maverick2 an option to acquire a 20% stake in the Emu East Project.

The agreement allows Maverick2 the opportunity to earn up to a 90% interest through staged exploration investments.

A binding definitive agreement between the two companies will follow this initial agreement.

Under the terms, Maverick2 will pay an option fee of $130,000, followed by an exploration expenditure of $500,000 for a 31% additional interest, resulting in a cumulative 51% stake.

A further $2 million exploration expenditure can raise Maverick2's stake to 90%, with an option to acquire the remaining 10% by paying an additional $2 million.

The agreement includes conditions to maintain tenements in good standing.

The transaction could significantly alleviate project costs for NT Minerals over the next five years.

"The agreement with Maverick2 provides the company with the potential to significantly reduce project overheads and exploration expenditure with a substantial payout within five years," stated Rodney Illingworth, Managing Director of NT Minerals.

The new partnership aligns with NT Minerals’ strategic goals, ensuring their projects continue to progress efficiently.

NT Minerals is an ASX-listed mining company. The company's projects include the Redbank Project and the Millers Creek Project.

At the time of reporting, NT Minerals' share price was $0.003.