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Highlights
- Jindalee’s spin-out, Dynamic Metals has entered into a joint venture and farm-in agreement with Mineral Resources (MinRes).
- Under the agreement, MinRes has the opportunity to earn up to 80% interest in the Western Australia-based Widgiemooltha project.
- JLL is the largest shareholder of Dynamic with a shareholding of 25.5%.
Dynamic Metals (ASX: DYM), a spin-out of Jindalee Lithium Limited (ASX: JLL), has signed a binding joint venture and farm-in agreement with ASX-listed mining services company MinRes. Through this agreement, MinRes can earn a maximum of 80% of the lithium rights in Dynamic’s Widgiemooltha Project after meeting specific conditions.
The interest in lithium rights can be earned in three stages.
MinRes can acquire 40% of the lithium rights by investing AU$5 million in cash. To increase its interest to 65%, the company can make a sole investment of AU$15 million in exploration activities over four years. MinRes has the option to increase its interest to 80% by solely funding to a Decision to Mine,.
More about Jindalee spin-out, Dynamic Metals
In January 2023, Dynamic was spun-out of JLL with the shareholders of JLL having the priority offer to participate in Dynamic’s IPO. JLL holds a 25.5% shareholding in Dynamic, making it the largest shareholder.
JLL shares traded at AU$0.800 apiece, up over 3%, at the time of writing on 6 March 2024.