Mila Resources rocketed 75% higher as investors applauded its deal to allow Aussie miner Liontown to explore for lithium on its Kathleen Valley tenements in WA.
Mila and its partners will keep the rights to explore for gold but Liontown, which already has lithium acreage next door plus offtake agreements with Tesla and Ford, will fund and carry out all the exploration and heritage work for the battery metal.
In an interview, Mila’s managing director Mark Stephenson said it would get access to the data generated by Liontown to help with its gold exploration in the northern sections of its licence.
Shares in Mila rose by 0.85p to 2p.