Mineral and Financial Investments Limited has granted an extension to the terms of the earn-in and call option agreements with Ascendant Resources over the Lagoa Salgada project.
Ascendant now has until 22 June 2023 to complete a feasibility study.
Jacques Vaillancourt, Mineral and Financial's CEO said: "Although we believe that Ascendant could have delivered a Feasibility Study by the originally agreed deadline of December 22, 2022, our willingness to amend the agreement was based on several factors.
"Firstly, we believe Lagoa Salgada has the potential to be a world-class project.
"An integral part of being recognized as a world-class project is a high-quality feasibility study that demonstrates geology, time and money can provide the indicated operational and financial returns indicated.
“Secondly, as some recent exploration drilling has shown, the yield of tonnage to resources has been excellent which suggests there is potentially significant resource growth still to come.”