Regency has agreed to take a revised 41% interest in the joint venture, with further reduction occurring if a mining lease award over the Mambare project is recommended by the relevant government agency in the next 19 months
In settlement of the ongoing dispute with Battery Metals, Regency’s joint venture partner will receive from Regency US$50,000 in cash, 4,909,610 shares in Regency, with warrants attached.
"Settlement of the partner dispute with BMA was the final step in clearing up the legacy issues at Mambare,” Regency chief executive Scott Kaintz said in a statement.
“Regency retains a significant 41% interest in the joint venture, has strong partner alignment and is focused on securing the mining lease, which is a significant value inflection point for the project and for Regency. The resolution may also pave the way for the partners to explore new opportunities together."
At Mambare itself, the ground-penetrating radar programme (GPR) begun in late 2019, was substantially advanced during the first quarter of 2020, with fieldwork for 250-line kilometres of GPR completed. This completes most of the exploration work planned for this calendar year.