Dynamic Metals has officially formed a lithium-focused joint venture on the Widgiemooltha project in Western Australia with Mineral Resources (MinRes).
The partnership sees the two companies form a 40–60 per cent unincorporated joint venture, with MinRes paying Dynamic $5 million cash consideration for the 40 per cent.
Dynamic managing director Karen Wellman said the company was delighted to have the venture finalised.
“We are very pleased to announce the successful formation of the significant joint venture with MinRes on our Widgimooltha project lithium tenements,” Wellman said.
“As a leader in Australia’s lithium sector, MinRes brings invaluable technical experience to the project, and we are looking forward to their commencement of the exploration program.”
Dynamic has received $4 million in cash payments from MinRes, with a further $1 million to be paid in July 2025.
MinRes is set to commence exploration activities at the site in the coming months, with $15 million to be sole funded over four years, increasing its stake in the venture to 65 per cent.
“The Widgiemooltha project is a regionally significant tenement package that has yet to be fully assessed for its lithium potential,” Wellman said back in March.
“Although we have had some encouraging results with our first pass exploration activities, the sheer size of the project means that it would likely have taken Dynamic many years and considerable expenditure to assess its potential and realise value.
“We are excited by this transaction as MinRes is a leader in the lithium sector in Australia, with the technical expertise and financial capabilities to do the project justice.”
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