Novo executed a series of definitive agreements with Liatam Mining Pty Ltd in December 2022, pursuant to which Liatam was granted the right to earn an 80% interest in battery mineral rights at Quartz Hill.
In December 2023, Liatam exceeded the required earn-in spend of A$1.75 million and the Quartz Hill Joint Venture (JV) between Liatam (80%) and Novo (20%) was formed.
Novo’s interest in the Quartz Hill JV will be free-carried until earlier of the completion of a bankable feasibility study or Liatam having sole funded A$20 million (including the initial A$1.75 million earn-in amount).
Following an initial 12-month period of exploration, Liatam made an offer of A$200k to acquire legal title to the tenements that are the subject of the JV package, which was accepted by Novo. The transaction transfers the title of the tenements to Liatam and they will be the manager of the JV.
Novo has retained its 20% share of battery mineral rights as well as all gold and silver rights on these tenements.
