Firebird Metals Limited has entered into a collaboration with Macro Metals Ltd for the development of its manganese propertiesat Wandanya, Disraeli and Midgengadge. Under the agreement, Macro Metals will invest $150,000 over the course of the next 12 months and will drill, at a minimum, 10 RC drill holes covering 100 meters at each site, to acquire an 80% interest in these tenements.
For his part, Firebird’s managing director, Mr. Peter Allen, expressed optimism about the partnership. Peter Allen, expressed optimism about this alliance, noting that it will allow Firebird to focus on its Oakover Project and LMFP strategy in China. Allen noted that Macro’s expertise and resources will drive the development of these properties, ensuring the necessary investment and attention without requiring capital outlay from Firebird, which bodes well for potential growth in production and value for its shareholders.
Details and terms of the agreement between Firebird and Macro Metals
The agreement stipulates that Macro Metals has the exclusive right to acquire 80% of the tenements for an investment of $150,000 in exploration and development expenditures within 12 months. In addition, it will be responsible for all operations during this period.
Once Macro decides to proceed with the mining miningthe companies will form a joint venture, with Macro providing all mining services through its subsidiary, Macro Mining Services Pty Ltd.
In addition, Firebird will retain the option to convert its remaining 20% interest into a 1% royalty and will also receive a 1% sales commission on revenues. Closing of this transaction is subject to Macro’s full satisfaction of due diligence and any necessary regulatory approvals, with a target date set for September 30, 2024.
The agreement also clarifies that Evan Cranston, who is a director of both Firebird and Macrohas received approval from the independent directors of Firebird to proceed with the transaction. In addition, the terms of Firebird’s original agreement with Mining Equities Pty Ltd have been amended, eliminating a previous payment and establishing a 1% royalty on all shipments and sales.
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Source: investi
Photo: Shutterstock
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