PERTH (miningweekly.com) – Lithium developer Sayona Mining has affirmed its focus on its Western Australian exploration tenements, particularly those falling within an earn-in agreement with fellow-listed Altura Mining, following a strategic review.
Sayona said on Thursday that following a review of its Western Australian assets, the company has taken the decision to retain ten of its most prospective Pilbara lithium tenements, spanning 971 km2 and in close proximity to Altura’s Pilgangoora mine.
The strategic review followed an earn-in agreement between Sayona and Altura struck in August of last year, under which Altura would spend A$1.5-million on exploration across the project portfolio over a three-year period, to earn a 51% interest, with Sayona to retain the remaining interest.
Altura said on Thursday that while some of the tenements covered in the earn-in agreement were now being relinquished by Sayona, the key terms of the earn-in agreement would remain unchanged.
“We have been pleased by the developments made with Sayona in advancing the value of these exploration assets and look forward to getting back in the field. The tenements of interest are in relatively close proximity to the established Altura lithium mine, which means any exploration success will benefit our long-term operations,” said Altura MD James Brown.
Sayona MD Brett Lynch said the refocus on the Pilbara assets would allow time and resources to be focused on projects that offered the fastest pathway to shareholder return.
“We are delighted with the results of the strategic review, which has revealed the highest potential value projects in our Western Australian exploration portfolio. Working closely with our earn-in partner Altura, we are determined to unlock value from these assets for the benefit of both parties.”