Dynamic Metals acquires 70% project earn-in option
Pontos principais
- Dynamic Metals signed a binding earn-in agreement to acquire up to 70% of the North East Leases Project in Queensland.
- Following the announcement, the Dynamic Metals share price was unchanged at $0.56.
- The deal allows the business to expand its fluorspar exploration footprint beyond its existing Western Australian assets.
Dynamic Metals (ASX:DYM) has executed a binding agreement to acquire an initial 25% interest in the North East Leases Project in Queensland with an option to earn up to 70%.
The transaction extends the exploration footprint of the mineral exploration firm beyond its flagship Meentheena Project located in Western Australia.
Dynamic’s Managing Director, Karen Wellman, said, “The North East Leases Project gives Dynamic a second Australian fluorspar platform with a substantial historical exploration footprint and several areas of known fluorite mineralisation.”
Under the financial terms, the business will pay $400,000 in total cash consideration for the initial $850,000 to reach 51% and a further $1.7 million to secure 70%.
The agreement grants access to downstream technical capabilities, while surface sampling around historic workings returned assay results reaching up to 98.8% calcium fluoride equivalent.
Following the announcement, the Dynamic Metals share price was unchanged at $0.56.
The business previously divested gold holdings to focus capital resources on advancing high-priority critical mineral exploration assets across Australia.
The company recently completed targeted soil sampling activities across its Widgiemooltha Project area to generate new exploration targets.
