PERTH (miningweekly.com) – ASX-listed Altura Mining and fellow-listed Sayona Mining have struck an earn-in agreement over Sayona’s Western Australian lithium portfolio.

Under the terms of the agreement, Altura will spend A$1.5-million on exploration over the next three years, to earn a 51% interest in the lithium project portfolio.

Sayona will retain the right to contribute to project evaluation and development in the future.

Altura MD James Brown on Thursday said that the earn-in agreement provided an aligned growth opportunity for both companies.

“Our common directors and shared experiences have given us a mutual understanding that will allow the potential of Sayona’s Australian exploration tenements to be fully explored.

“The addition of the Sayona tenement package provides upside potential for both companies. Altura has an existing extensive exploration portfolio as well as its flagship lithium operation, which is currently reaching near nameplate production after its first full quarter of commercial production.

“We place a lot of emphasis on exploration growth in order to develop a pipeline of development opportunities in our lithium operations and we are determined to advance exploration activities as quickly as possible for the benefit of all.

“The fact it may provide a pathway through to production opportunities for Sayona is a positive while it focuses on its Canadian lithium development projects.”

The tenement package under the earn-in agreement consists of some 1 806 km² and is in close proximity to Altura’s own tenements, as well as a number of other spodumene deposits.

Sayona MD Brett Lynch said that Altura was the perfect partner to crystallise value for Sayona shareholders.

“Altura has a highly experienced in-house team that successfully led the financing, construction and commissioning of its spodumene mine at Pilgangoora. It is this expertise that will ensure we derive maximum value from our exploration assets in Western Australia.”