HIGHLIGHTS
- Subject to
Toronto Stock Exchange (TSX) approval,Liatam Mining Pty Ltd (Liatam) has agreed to further investA$1.8 million to obtain 9,000,000 shares atA$0.20 per share in Novo to increase their shareholding from ~3% to ~6%. - Liatam has exceeded the required spend of
A$1.75 million to form the 80%/20% Quartz Hill Joint Venture with Novo in the East Pilbara,Western Australia . - Liatam has acquired legal title to the tenements included in the Quartz Hill Joint Venture and becomes the manager of the joint venture, with Novo retaining 20% ownership of battery mineral rights along with 100% of the gold and silver rights on the tenements.
- The Quartz Hill Joint Venture tenements are considered prospective for lithium-caesium-tantalum (LCT) style pegmatite mineralisation.
- Following the
A$10 million transaction with SQM Australia in the Harding Battery Metals JV in the West Pilbara, and the investment made by Liatam, Novo is in a strong financial position to continue its aggressive exploration focus across key gold targets in the Pilbara,Western Australia andVictoria in 2024.
Liatam has now exceeded the required spend of
Novo Executive Co-Chairman and Acting CEO
“Novo is continuing its strategy to JV its prospective battery minerals tenements with battery minerals specialists. Novo is pleased that Liatam has quickly exceeded its minimum exploration spend to form the JV and Liatam will continue its strategy to explore for lithium bearing pegmatites at Quartz Hill. Liatam’s additional investment of
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Quartz Hill Joint Venture (JV)
The 80%/20% JV between Liatam and Novo has been formed following completion of the earn-in requirement. Liatam will now sole fund and free carry all of Novo’s required exploration costs in relation to the joint venture structure, until earlier of:
- Liatam having completed a Feasibility Study in respect of at least one deposit of Relevant Minerals; and
- Liatam having sole funded the exploration; capped of
A$20m .
Following an initial 12-month period of exploration, Liatam made an offer of
The Quartz Hill area is comprised of six granted Exploration Licenses, nineteen Prospecting Licences and one Exploration Licence Application collectively covering approximately 770 sq km. The area is considered prospective for lithium–caesium–tantalum (LCT) style pegmatite mineralisation2.
In addition to the formation of the JV, Liatam has signed a subscription agreement and agreed to subscribe for an additional
Subject to receipt of TSX approval, 9,000,000 shares will be issued to Liatam, based on a share value of
Following the
The funds received will be utilised to advance Novo’s Pilbara exploration drilling and reconnaissance programs in the southern
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 7,500 square kilometres in the Pilbara region of
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CONTACT
Investors: +61 8 6400 6100 info@novoresources.com | North American Queries: +1 416 543 3120 leo@novoresources.com | Media: +61 466 984 953 cgilenko@citadelmagnus.com |
On Behalf of the Board of Directors,
“
Executive Co-Chairman and Acting CEO
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information (including within the meaning of Canadian securities legislation) including, without limitation, the intended private placement with Liatam and intended use of proceeds therefrom. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, receipt of TSX approval to the private placement, customary risks of the resource industry and the risk factors identified in Novo’s annual information form for the year ended
Source:
2023 GlobeNewswire, Inc., source