Mineral Resources (MinRes) and Dynamic Metals have updated the joint venture terms for their Widgiemooltha lithium project in Western Australia.
Under the revised agreement, MinRes will have an extra two years to fulfil its earn-in deliverables. This will involve $14 million in expenditure to advance the project during the second stage, down from $15 million.
On completion of the stage two earn-in arrangements, MinRes will hold 65 per cent of the project. It will then have the option to extend its holding further, to 80 per cent, by sole-funding expenditure through to a decision to mine for lithium.
Dynamic Metals, which entered into the joint venture with MinRes in 2024, will retain rights to all other minerals and will have right of access to all areas of the project.
The Widgiemooltha project is located 100km south of Kalgoorlie. Dynamic Metals also has resource-specific projects focused on gold and nickel within the Widgiemooltha zone.
Dynamic Metals managing director Karen Wellman said both companies remained aligned on the long-term potential of the Widgiemooltha lithium project and are committed to advancing the opportunity.
“The revised structure reflects a collaborative and pragmatic approach by both parties in light of the current challenges facing the lithium sector,” she said.
“Dynamic Metals acknowledges the constructive nature of the discussions and the ongoing commitment MinRes has shown to advancing the project. Meanwhile, Dynamic will continue to focus on the gold opportunities in the remainder of its portfolio.”
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