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The MoU is non-binding and hinges on the formation of definitive agreements.
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The company announced that it has implemented a "controlled and safe shutdown" of reduction lines 1, 2 and 3.
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Total reserves at the MdR project are estimated at 850mt, with 250mt expected to be extractable.
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Valiant Gold has received $75m (A$106.49m) in applications for its IPO as it pursues a listing on the ASX.
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Located on the Black Sea coast, the Çayeli mine has been producing copper and zinc since 1994.
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