Monax and Maximus consider farm-in
PERTH (miningweekly.com) – Explorer Monax Mining has signed a memorandum of understanding with fellow ASX-listed Maximus Resources to evaluate the viability of developing the Billa Kalina project, in South Australia.
Under the terms of the agreement, Monax would have a six-month exclusive period to undertake a technical due diligence on the project, including a gravity survey across numerous initial target areas. In return, Maximus would receive $25 000.
Prior to the expiry of the due diligence period, Monax would have the option of entering into a farm-in agreement with Maximus to earn an 80% equity stake in the Billa Kalina project by investing $3-million in exploration, over a three-year period, subject to a minimum commitment of $500 000 in the first year.
Maximus would receive a further $100 000 payment on the signing of the farm-in.
Upon meeting the farm-in requirements, the two companies would form a joint venture (JV) and would each contribute towards the project expenditure. Should Maximus elect not to enter the JV, it can sell its 20% share in the project to Monax for $4.5-million and retain a net smelter royalty of 2%.
The Billa Kalina project covers four granted exploration tenements covering 2 342 km2. The project is located some 600 km north-west of Adelaide between the Olympic Dam and Prominent Hill operations.
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