Godolphin Resources (GRL) has acquired the remaining 49% stake in the Narraburra Rare Earth Element (REE) project near Temora in New South Wales (NSW), Australia, from joint venture (JV) partner EX9.

Under the agreement, Godolphin’s subsidiary Critical Rare Earths will take over all of EX9’s rights in the Narraburra Temora farm-in and JV agreement.

The consideration includes cash, shares and performance rights that convert into shares upon the GRL’s stock reaching $0.15 and $0.25.

The deal includes an upfront cash payment of $150,000 and $100,000 in Godolphin shares.

Additionally, EX9 is set to receive performance rights contingent on Godolphin’s share price reaching specific milestones.

Godolphin Resources has also agreed to consider engaging Paul Ferguson and Jim Luders for future geological exploration work.

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With this transaction, Godolphin assumes full control of the Narraburra Project, which covers a total exploration area of 504.9km².

The decision for full acquisition follows extensive exploration and due diligence by Godolphin, including diamond drilling, a maiden JORC 2012 resource, positive leach testing results from ANSTO and a mining scoping study by Ausenco.

Godolphin Resources managing director Jeneta Owens said: “The strategic decision to move to a 100% ownership interest in Narraburra reflects our belief in the project’s potential to develop into a significant rare earths asset.

“This view has been further strengthened by recent developments, highlighted by strong metallurgy results and the successful commissioning of a scoping study based on the existing JORC 2012-compliant mineral resource estimate.

“With 100% control of two new exploration licences adjacent to our existing tenements, Godolphin is well positioned to expand its 2024 works programme at Narraburra to include further drilling and exploration activities alongside our ongoing project development plans.”

The Narraburra project is made up of tenements EL8420 and EL9258, along with the recently granted EL9628 Trungley and EL9601 Cambrai.

Godolphin acquired a 51% stake in the Narraburra REE Project in January 2024.