Liatam Mining has announced an investment of A$1.8m ($1.2m) in Novo Resources to increase its stake in the company.

As per the terms of the deal, Liatam acquired an additional 9,000,000 common shares by paying A$0.20 for each share.

With this deal, Liatam has increased its stake in the company from 3% to 6%.

Liatam will have the right to transmute the issued shares into ASX CDIs (CHESS Depositary Interests) after the expiry of the four-month hold period to which the acquired shares are subject.

With this latest investment from Liatam as well as a A$10m transaction with SQM Australia, Novo stated that it is now well-capitalised to advance its exploration activities across its gold projects in Pilbara and Victoria throughout 2024.

In December 2023, SQM Australia agreed to pay A$10m to acquire a 75% stake in five of Novo’s prospective lithium – nickel tenements in the West Pilbara region of Western Australia, forming the Harding Battery Metals joint venture (JV), and for an option over further Novo Pilbara tenements.

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By GlobalData

The latest investment from Liatam follows the recent formation of the Quartz Hill JV between Novo and Liatam.

Novo Resources is actively involved in exploring and developing its prospective land holdings covering nearly 7,500km² in the Pilbara region.

Additionally, Novo also has the 22km² Belltopper project in the Bendigo Tectonic Zone of Victoria.

The latest investment from Liatam is expected to strengthen Novo’s focus on key gold targets.

Novo aims to capitalise on its internal geological expertise to identify and pursue additional value-accretive opportunities for its shareholders.