PolarX Ltd. has started a process to secure a new farm-in partner for the Stellar copper-gold project in Alaska, after being informed that the option of Lundin Mining Corp. to acquire a stake in the project will expire unexercised.

PolarX retains 100% ownership in the project. Lundin Mining will remain its largest shareholder with a 12.8% stake.

The company's share price fell as much as 16% during morning trading on the ASX.