QXR now has exposure to three US lithium brine projects
Australia-listed QX Resources (QXR) has renegotiated an option agreement over the Liberty lithium brine project, in California, to reduce option payments and to also include an option to acquire an interest in two additional prospective lithium brine projects in the US.
QXR previously entered into an option agreement with IG Lithium (IGL) to acquire up to a 75% interest in the company, which owns the Liberty project.
QXR will now have an option to acquire a 25% interest in IGL before June 30, 2025, and the restructuring reduces the cash option payments from $1.7-million to $500 000.
QXR also entered into a further option agreement with unlisted IGX Minerals granting QXR an option to acquire a 15% interest in the company for $500 000. IGX has two lithium brine projects in Utah and Nevada, covering 10 660 ha.
“QXR, through the new agreements, now has exposure to three large, prospective lithium brine projects, with reduced cash commitments, diversifying the portfolio. The lithium brine projects are located in the US market where demand continues for critical minerals and where downstream processors are still seeking supply options,” says MD Steve Promnitz.
Besides the US brine projects, QXR has hard rock lithium and iron-ore assets in Pilbara, gold/copper/molybdenum assets in Queensland and a strategic investment in nickel sulphides in Sweden.
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