- SensOre (S3N) reaches an agreement with German mining company Deutsche Rohstoff over the identification, acquisition and exploration of its generated lithium targets in WA
- The company will hold an initial participating interest of 30 per cent, with Deutsche Rohstoff holding the balance
- A preliminary budget of $4 million has been agreed to fund exploration activity, with $1.2 million coming from SensOre
- S3N shares are up 17.5 per cent, trading at 74 cents per share
SensOre (S3N) has reached an agreement with German mining company Deutsche Rohstoff over the identification, acquisition and exploration of SensOre’s generated lithium targets in WA.
The company will hold an initial participating interest of 30 per cent, with Deutsche Rohstoff holding the balance.
A preliminary budget of $4 million has been agreed to fund exploration activity, with $1.2 million coming from SensOre.
“SensOre’s joint venture with Deutsche Rohstoff represents a further step in the evolution of our Company with our expansion into AI-enhanced lithium targeting, realising value from investment in the Data Cube,” CEO Richard Taylor said.
“We look forward to collaborating with Deutsche Rohstoff to find the mines of tomorrow to reinforce Europe and Australia’s supply chain of battery and critical minerals needed to underpin global energy transition demand.”
The agreement comes after SensOre’s first lithium targeting program completed in December 2022.
SensOre stands to benefit from Deutsche Rohstoff as a partner through agreed targeting, acquisition and geological consulting fees for a minimum of eight accepted lithium targets, worth $125,000 per target for a total of $1 million.
S3N shares spiked 17.5 per cent, trading at 74 cents per share as market close.