Galileo Mining Ltd (ASX:GAL, OTC:GLMGF) managing director Brad Underwood sits down with Jonathan Jackson in the Proactive studio to discuss a major milestone; a farm-in and joint venture agreement with a wholly owned subsidiary of Mineral Resources Ltd (ASX:MIN) (MinRes). The agreement involves Galileo’s subsidiaries, Norseman Resources Pty Ltd and Ganymede Resources Pty Ltd. Under this agreement, Galileo will sell 30% of its lithium rights on the Norseman tenement package for $7.5 million. Underwood expressed enthusiasm for the lithium exploration joint venture, highlighting the strategic location of the Norseman project and the benefits of collaborating with MinRes. The project is in a region with high lithium potential and existing infrastructure. Galileo will receive $5 million within five days of the agreement’s execution and an additional $2.5 million within 12 months, bolstering its cash reserves for further exploration activities at Norseman and Fraser Range projects. The joint venture will initially be 30% MinRes and 70% Galileo. MinRes can increase its stake to 55% by funding an additional $15 million in exploration over four years and to 70% by funding through to a Decision to Mine. Upon reaching 70%, Galileo can choose to either contribute to development costs or convert its interest into a royalty. The project’s rights to nickel, PGEs and other minerals, excluding those in lithium-bearing pegmatites, remain with Galileo.
Galileo Mining in $7.5 million JV with Mineral Resources
