Oklo Resources

ASX-listed Graphex Mining has acquired the joint venture earn-in rights previously held by Glomin Services on Altus Strategies’ 100%-owned Lakanfla and Tabakorole gold projects, located in western and southern Mali, respectively.

On 16 June 2020, Altus signed a JV agreement and a royalty agreement with Graphex and a JV termination agreement with Glomin. Glomin is expected to receive shares in Graphex for assigning its JV interests to Graphex.

The Graphex JV is primarily based on the commercial terms as those previously signed with Glomin, as announced by the company on 2 December 2019.

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Graphex Mining could earn up to an 80% interest in each project by completing up to four key stages culminating in a definitive feasibility study, while Altus will retain a 2.5% net smelter return (NSR) royalty on the projects.

If the JV proceeds to JV Stage 5 (construction) and Graphex is sole funding that stage then Graphex will pay to Altus an additional US$1 million in cash, or $500 000 in cash and $750 000 in Graphex shares and Altus’ shareholding will be diluted in proportion to the total amounts expended by Graphex during JV Stage 5. Altus will retain a 2.5% NSR on each project, which may be reduced to 1.0% in return for cash payments in certain circmstances.

“We are delighted to have Graphex as our joint venture partner to advance the Lakanfla and Tabakorole gold projects, says Altus Strategies chief executive Steven Poulton, adding that Graphex has the necessary operating experience, technical skills and shareholder support required to realise the potentially significant value in these projects.

Graphex has recently further bolstered its board through the appointment of Andrew Pardey, former CEO of FTSE250-listed gold producer Centamin.

Moreover, the company will be seeking shareholder approval to raise up to A$5 million through an equity placement and to change their name to Marvel Gold.

It is also currently underway with an initial 1 600 m diamond drilling campaign at Tabakorole and will update shareholders on the results in due course.