NT Minerals (ASX:NTM) entered into an option agreement with Golden Horse Minerals regarding its Redbank/Wollogorang copper project in the Northern Territory, according to a Wednesday filing with the Australian Securities Exchange.

Under the agreement, Golden Horse Minerals has the option to conduct due diligence on the project's tenements for a non-refundable option fee of AU$100,000, starting in January 2025, the filing said. It can acquire an initial 10% interest in tenements if it spends AU$600,000 on exploration during the option period.

The companies plan to form a joint venture to explore and develop mineral deposits on the tenements upon exercising the option, according to the filing.