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The Directors of Dart Mining NL (ASX:DTM) (Dart Mining or the Company) are pleased to announce the entry into an Earn-in Agreement with Sociedad Química y Minera de Chile S.A. (via its wholly owned subsidiary SQM Australia Pty Ltd) (SQM) (New York Stock Exchange NYSE:SQM; Santiago Stock Exchange: SQM-B, SQM-A), for its Dorchap Lithium Project. SQM is a world-leading lithium miner and producer, with commercial offices in 20 countries, and customers in over 110 countries. SQM has a 50/50 joint venture with Wesfarmers, the Mt Holland Lithium project in Western Australia.
- Dart Mining has granted SQM the right, but not the obligation, to sole fund exploration expenditure totalling A$12million over the next 6 years
- During the first earn in period, SQM may earn an initial 30% interest in the Dorchap Lithium Project (Project) by sole funding exploration expenditure of A$3million for the next 3 years
- Subject to meeting its initial funding obligations, and during the second and third earn in periods (respectively), SQM may elect to sole fund exploration expenditure of a further A$9million in aggregate over two further periods totalling 3 years to earn a further 40% interest in the Project
- SQM may, at any time after it has earned an initial 30% interest in the Project, elect to enter into a Joint Venture Agreement with Dart Mining (and cease earning a further interest), on terms to be agreed. If that occurs, each party will be liable to fund their expenditure commitments in proportion to their percentage interests in the Project
- Dart Mining is appointed as the initial Manager of the Project during the earn-in phase
- SQM’s earn in rights are subject to conditions, as detailed in the Key Terms section below
- On 23 June 2022 Dart Mining announced encouraging drilling results for the Project, which includes 10m @14.5% Spodumene. Spodumene is the primary ore mineral mined globally for hard-rock lithium deposits. Mineralogical analyses has determined Spodumene as being the primary lithium mineral in LCT pegmatite dykes of the Dorchap Range (see Announcement: DTM ASX release 23rd June 2022).
Dart Mining was the first exploration company to discover Lithium on the East Coast of Australia in 2016. Through Dart’s persistence and early exploration efforts, the project is finally getting the recognition it deserves. We have a clear pathway for project exploration through to the next stage, and our partnership with SQM will ensure that we are able to both attain that objective and enhance our knowledge and understanding of the project within an accelerated timeframe.”
SQM’s Executive VP for Lithium, Carlos Díaz said today, “We are looking forward to this new endeavour with Dart to find and potentially develop the first lithium project in Victoria. We believe that the combination of both partners’ strengths and expertise will factor in the success of this partnership”.
Dart Mining has granted SQM the right, but not the obligation, to sole fund exploration expenditure totalling A$12million over the next 6 years. In that regard, SQM has the right, but not the obligation, to earn an initial 30% interest in the Project (ELs 5315, 006277, 006300 and 006486) by sole funding a minimum of A$3million for the next 3 years on exploration mining and treatment activities. SQM may then elect to sole fund expenditure of a further A$9million in aggregate over a further 3-year period, to earn a further 40% interest in the Project.
The earn in periods and SQM’s earn in rights are subject to conditions: see Key Terms below.
Dart Mining’s Dorchap Lithium Project (Figure 1), in Victoria, has identified five types of lithium- bearing minerals, namely, spodumene, petalite, lepidolite, amblygonite, and cookeite. Spodumene, petalite and lepidolite (particularly spodumene) are the main sources of hard-rock lithium ores. Cookeite is a secondary lithium-silicate mineral formed through the alteration of other lithium-bearing minerals.
This article includes content from Dart Mining NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.