Marquee Resources Limited announce that it has agreed to accelerate the Farm-In agreement with Mineral Resources Limited (MinRes) at the West Spargoville Project (WSP or Project). MinRes has now acquired an initial 25% interest in the lithium rights at WSP by funding $4,800,000 on exploration activities at the Project in less than 12 months. MinRes also funded the $500,000 to exercise the Fyfehill option.

In recognition of MinRes's commitment to the Project and to further strengthen the partnership between the two companies, MQR has agreed to accelerate the Farm-In terms. As such MQR and MinRes have agreed to establish an unincorporated Joint Venture (JV) with the JV interests currently MQR (75%) and MRL (25%). MinRes is a recognised leader in the construction and operation of hard rock lithium mines in Western Australia and bring tremendous technical, operational and financial capacity to the West Spargoville Lithium Project as Marquee's JV partner at WSP. MQR and MinRes have amended the legally binding term sheet for a Farm-in and Joint Venture agreement at the West Spargoville Project in Western Australia.

The parties have agreed to establish an unincorporated joint venture in relation to the WSP Project from the JV Commencement Date. The purpose of the JV will be to develop, mine, process and produce Lithium from the WSP Project. The JV interests are currently MQR (75%) and MRL (25%).

(Processing Farm-in) If MinRes elects to proceed with the Processing Farm-in, it has the right to acquire an additional 45% legal and beneficial interest in the lithium rights by funding the Project until the point of a final investment decision on a mine development for the Project (FID) within 5 years. MinRes will provide complete mine to port services to the JV including: mining; design, construction and operation of a processing plant; on-site power generation; haulage of product to nominated port facilities; marketing of product; and shipment of product to purchasers. (Mine Gate Sale Farm-in).

If MinRes elects to instead proceed with the Mine Gate Sale Farm-in, it has the right to acquire an additional 26% legal and beneficial interest in the lithium rights by funding the Project until the development, construction and commissioning of a mine and related facilities within 5 years. MinRes will build, own and operate all plant, equipment and infrastructure for the mining operations and buy lithium bearing ore from the JV for a mine gate sale price to be established on commercially competitive and industry standard terms. MinRes will continue to sole fund all exploration and development costs at WSP until a Processing Final Investment Decision or a Mining Final Investment Decision is made.