Alchemy Resources (ASX:ALY) signed a farm-in and joint venture agreement with Japan Organization for Metals and Energy Security, or JOGMEC, allowing the agency to earn up to 51% of the company's Roe Hills tenure in Western Australia, according to a Monday filing with the Australian Securities Exchange.
The JV covers areas occupied by the company's Karonie lithium and gold project, with JOGMEC aiming to earn a 51% interest by spending up to $6 million on exploration by March 2029 and a minimum commitment of $600,000 by March 2025, the filing said.
Alchemy Resources' shares surged past 14% in recent Monday trade.
Price (AUD): $0.01, Change: $+0.001, Percent Change: +14.29%
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