Mila Resources PLC (LSE:MILA) has signed an exploration and option agreement over three gold projects in Queensland, Australia.
Under the terms of the deal, Mila will pay owner EMX Royalty A$25,000 upfront plus warrants and carry out A$450,000 (£230,000) of exploration work in the first year.
The portfolio will complement Mila's primary gold asset, Kathleen Valley in Western Australia, said the statement.
Mila added that Kathleen Valley remains the priority both for gold, through its exploration, and lithium through its partnership with Liontown Resources (ASX:LTR).
Spodumene production started at Liontown's Kathleen Valley project in July 2024 and engagement with local stakeholders is underway about additional exploration.
Mark Stephenson, Mila’s executive chairman, added: "We are looking forward to advancing these projects alongside Kathleen Valley, as we continue to build critical mass within our exploration accelerator portfolio.
“Importantly, we have structured a transaction to ensure that new funds are "going in the ground" and milestone payments are linked to geological success and development
"We expect ground exploration work to commence at Yarrol, the most advanced of the three projects within the Exploration Portfolio, within the coming weeks whilst the team plans for geophysical surveys across Mt Steadman and Mt Weary in early 2025.
"Alongside this new work, our attention remains very much focussed on our Kathleen Valley project, and, following Liontown's announcement confirming that it commenced production of spodumene concentrate in July, engagement with local Tjiwarl people has continued to progress.”