- Altura Mining (AJM) will begin claiming its stake in a suite of lithium tenements in Western Australia’s Pilbara region as part of an earn-in arrangement with Sayona Mining (SYA)
- Altura will need to spend $1.5 million on exploration to earn a 51 per cent interest in the exploration tenements
- The company believes now could be a good time to enter the market as the global lithium market experiences a “clear structural deficit”
- Altura entered receivership in October 2020
- Sayona Mining shares closed today’s session down 4.04 per cent to trade at 9.5 cents, while Altura Mining has not traded since August 2020
Altura Mining (AJM) will begin claiming its stake in a suite of lithium tenements in Western Australia’s Pilbara region as part of an earn-in arrangement with Sayona Mining (SYA).
Despite being forced into receivership in October 2020, the embattled battery metals explorer believes the timing is now right to re-enter the market, citing a “clear structural deficit” in the global lithium supply chain.
The parties re-established an earn-in arrangement in early June this year, under which, Altura will need to spend $1.5 million on exploration over three years to secure its 51 per cent ownership in the exploration portfolio.
This consist of 765 square kilometres of tenements across the Pilbara and Murchison regions.
With due diligence completed and heritage agreements virtually in place, Altura plans to commence exploration works at the Manilla tenement immediately.
Altura is awaiting results from a hyperspectral imaging survey conducted at the site in July.
Should the works go as planned, Altura hopes to have a drill programme underway for the first half of 2022.
There has been no indication as to when Altura will recommence trading on the ASX.
Sayona Mining shares closed today’s session down 4.04 per cent to trade at 9.5 cents.