Posts

Si6 Metals Increases JV Ownership on Future Brazil Acquisitions

/in , /by

THE BOURSE WHISPERER: Si6 Metals (ASX: Si6) has amended its original Joint Venture terms with its Brazilian Joint Venture partner Foxfire Metals.

Si6 Metals reached an agreement with Foxfire to amend the JV in relation to any future licenses acquired by the JV.

In February this year, Si6 finalised the acquisition of a 50 per cent interest in Foxfire’s Brazilian exploration portfolio.

The portfolio included 10 licenses comprising approx. 17,000 hectares in Brazil.

Under the amended JV any new projects acquired by Si6, its wholly-owned subsidiary Brazilian Ventures, or its wholly-owned subsidiary in Brazil, Brazilian Mining Ventures, will be incorporated into the partnership on the basis that Si6 will hold a 70 per cent and Foxfire 30 per cent JV interest in the acquired project (previously 50% Brazilian Ventures, 50% Foxfire).

Additionally, any expenditure incurred on new projects acquired will be included as part of Si6’s minimum $1 million expenditure commitment in the first 12 months of the JV.

“We are pleased to both improve our JV terms on future projects and strengthen our relationship with Foxfire as we jointly seek to align our shareholders’ interest to achieve the most rewarding outcome for both partners,” Si6 Metals managing director Jim Malone said in the company’s ASX announcement.

“Our joint plan is to grow our presence in Brazil by expanding the current exploration portfolio and capitalising on Foxfire’s expertise and in-country knowledge to identify opportunities that usually require significant time and capital to achieve in Brazil.

“The amended JV terms strengthen our position in Brazil where we are currently exploring for REE at REE-rich Poços de Caldas as well as lithium and REE in the Lithium Valley.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Si6 Metals Acquires Brazilian Exploration Portfolio

/in , /by

THE DRILL SERGEANT: Si6 Metals (ASX: Si6) will have plenty to talk about next week at the RIU Explorers Conference after completing acquisition of a 50 per cent interest in a portfolio of exploration licences in Brazil.

Si6 Metals struck the deal with Foxfire Metals, a diversified exploration company focussed on the discovery and development of critical minerals in underexplored regions of Brazil.

With the Acquisition done and dusted, representatives of Si6 Metals’ subsidiary company, Brazilian Ventures will sit down with Foxfire Metals for an inaugural meeting of the Joint Venture Operating Committee with a view to approving an initial budget and exploration program.

Exploration in Brazil is scheduled to commence this month with an initial focus on the Caldera project in South Minas Gerais.

Foxfire Metals has been appointed as the manager of the JV.

Brazilian Ventures has committed to spend $1 million in the first year of the Joint Venture and free carry Foxfire Metals until completion of a Bankable Feasibility Study.

“This is a great milestone for Si6 and its shareholders, which now include Foxfire Metals, who we welcome and look forward to working with,” Si6 Metals managing director Jim Malone said in the company’s ASX announcement.

“The company is excited about commencing the initial exploration program at the highly prospective Caldera REE project located close to significant REE discoveries by ASX-listed companies, Meteoric Resources (ASX: MEI) and Viridis Mining and Minerals (ASX: VMM).

“This program will be closely followed by a program in the Lithium Valley which is host to Latin Resources (ASX: LRS) and Sigma Lithium Corporation (NASDAQ: SGML), to name a few success stories.

“The Lithium Valley program will take place close to S-Type G4 supersuite granites that are typically known to host lithium in spodumene bearing pegmatites.

“We look forward to emulating the success of our peers in both the Caldera area and the Lithium Valley.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE