Deterra Royalties (ASX:DRR) said that Lithium Americas, the project operator of the Thacker Pass lithium project in Nevada, achieved fully funded status for the development of the first phase of the project targeted for late 2027, according to a Wednesday Australian bourse filing.
Deterra owns a 4.8% gross revenue royalty over the Thacker Pass project, which will reduce to a 1.1% gross revenue royalty after the expected exercise of a partial royalty buyback, which would see $13.2 million paid to Deterra.
Lithium Americas reported the closing of a $250 million investment from fund entities managed by Orion Resource Partners.
Lithium Americas and General Motors Holdings contributed $192 million and $100 million in cash, respectively, to the Thacker Pass joint venture.
Deterra Royalties' shares slipped almost 1% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.