- Dart Mining (DTM) enters an earn-in agreement with SQM for the Dorchap lithium project in Victoria
- The agreement will give SQM the potential to earn up to a 70 per cent interest in the project over the next six years by spending $12 million on exploration
- During the first stage, SQM may earn an initial 30 per cent interest in Dorchap by spending $3 million over the next three years
- To earn the additional 40 per cent, SQM will need to spend a further $9 million over another three years
- DTM shares are up 17.7 per cent and trading at 7.3 cents per share at 2:06 pm AEST
Dart Mining (DTM) has entered an earn-in agreement with SQM for the Dorchap lithium project in Victoria.
The agreement will give SQM the potential to earn up to a 70 per cent interest in the project over the next six years by spending $12 million on exploration.
During the first earn-in period, SQM may earn an initial 30 per cent interest in Dorchap by spending $3 million over the next three years.
To earn a further 40 per cent, SQM will need to spend an additional $9 million over the next two earn in periods comprising a further three-year period.
If SQM earns the initial 30 per cent interest, it has the option to enter a joint venture with Dart Mining but won’t be able to earn a higher stake in the project, thereby ceasing the earn-in arrangement.
Dart Chairman James Chirnside is pleased to partner with SQM to explore Dorchap.
“The collaboration with SQM brings world class technical and operational expertise to a very worthy exploration target. Dart Mining was the first exploration company to discover lithium on the East Coast of Australia in 2016,” he said.
“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 time frame.”
DTM shares were up 17.7 per cent on the market today, trading at 7.3 cents per share at 2:06 pm AEST.