The deal gives AGEM the right to acquire a 51% stake in the project by spending US$4mln over a four-year period, and once the first option is exercised, the companies will form a joint venture.
AGEM will also have the option to increase its stake in the project further, to 70%, by spending another US$4mln over a subsequent two-year period – at that point, the STI vehicle would retain 25.5% interest in Dalafin.
"Following a project review in 2017, we reported that whilst we believed there was still exploration upside at Dalafin, we were not prepared to commit further funding and that seeking a joint-venture partner to progress exploration would be the best route for all stakeholders,” said Tim Livesey, Stratex chief executive.
“We are therefore delighted to have delivered on this agreement, with such a high-profile company, to fast-track exploration at Dalafin whilst minimising our financial exposure.
“IAMGOLD produces 800,000 gold ounces per annum, has an extremely good reputation in West Africa and we look forward to working with them and to developing a broader strategic relationship in the region."