Iluka Resources Limited (AU:ILU) has released an update.
Megado Minerals Limited has entered into an exploration agreement with Iluka Resources’ subsidiary, PURE Exploration, for the North Fork Rare Earth Project in Idaho. The deal includes a three-tranche transaction, where Iluka will pay an initial A$500k and later have the option to purchase the project for A$1m during a two-year exploration period. An additional A$2m payment is contingent upon Iluka achieving US$10m in revenue from the project.
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