Platina Resources received US$4 million ($5.9 million) in payment from Rio Tinto (ASX:RIO) for the Platinum Scandium Project.

The payment follows an earlier $10.8 million cash receipt in August 2023 from the project's sale.

The company can earn an additional $4.5 million, contingent upon Rio Tinto achieving project permitting milestones and the return of its warranty retention bond.

"The company is actively planning and securing approvals to commence a major phase of exploration reflecting our commitment to enhancing value through strategic drilling activities," said Corey Nolan, managing director of Platina Resources.

The drilling covered 202 holes over 6,325m, with more than 2,000 assay results expected by late July.