Novo, in addition to being free-carried until a decision to mine, will also be entitled to a contingent success payment based on the lithium contained in any JORC-compliant ore reserve once SQM completes a feasibility study. SQM will have a 12-month option to acquire a 75 per cent interest in additional West Pilbara tenements held by Novo, with any options exercised to be held by the Harding Battery Metals JV under the same 75:25 terms. ‘To be participating in a JV with a global lithium leader like SQM is an excellent outcome for Novo and will see us receive an immediate payment of A$10 million that will further boost cash reserves for our primary gold exploration focus.’ Novo Resources executive co-chairman and acting chief executive officer Mike Spreadborough Novo retains a 25 per cent interest in the lithium and nickel rights of the five tenements, while also maintaining 100 per cent ownership of any gold, silver, copper, lead, zinc and platinum group elements (PGE) discovered on the ground.
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