Technology Minerals PLC (LSE:TM1) said the St Patrick licence, which hosts the Aramo Copper-Cobalt-Nickel Project in northwest Spain, has been extended for three years.
TM provided the update alongside a broader overview of progress with one of its key assets.
Investors were also told that 104 rock and 43 soil samples had been collected during the most recent field campaign, while the results of a 3D laser survey of the Aramo mine exceeded expectations.
A new licence application has also been submitted covering two historical copper mines workings, known as Astur F and covering 73-square kilometres.
At the same time, the geological team at Technology Minerals is planning a ‘more expansive’ exploration programme on the St Patrick Licence in the coming months.
The company is a vertically integrated battery metals business with a global portfolio of mining assets at different stages of development that also has access to a battery recycling technology expected to generate immediate cash flows.
"The Asturmet Project forms part of our wider portfolio of mineral resource projects focused on cobalt, copper, nickel, manganese, and lithium,” explained chief executive Alex Stanbury.
“Our exploration strategy is to advance projects up the value curve through prudent use of capital to attract partners and unlock significant potential value to be added to the company's portfolio."