Tambourah Metals (TMB) has signed an agreement with Sociedad Química y Minera de Chile subsidiary SQM Australia (SQM), whereby the latter is entitled to earn stakes in Julimar Nth projects in Western Australia (WA).
Tambourah CEO Ralf Kriege said: “We are pleased to welcome SQM as a strategic partner in our Julimar Nth project.
“The new relationship will allow Tambourah to draw upon SQM’s technical expertise in pegmatite-hosted lithium exploration while allowing Tambourah to work in parallel on its other lithium and critical mineral projects.”
According to the earn-in agreements, SQM can earn a 70% interest in the mineral rights across six of the Julimar Nth projects by solely funding A$3m ($2m) of exploration activities over a period of three years.
SQM will also hold the right to exercise its option to form a joint venture with TMB following the earning of the stake.
Furthermore, SQM will manage exploration and report plans, results and exploration expenditures to TMB.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
In a press statement, TMB said: “This strategic investment by SQM is a strong endorsement of the lithium potential of Tambourah’s Julimar Nth Project and highlights its potential for lithium prospectively.”
SQM will hold the pre-emptive right to acquire TMB’s stake in case the company considers selling.
Located 120km north of Perth, the Julimar Nth project is prospective for hosting Ni-Cu-PGE Gonneville styles of mineralisation within ultramafic rocks of the Julimar Ultramafic Complex.