Nova Minerals Ltd. unit Snow Lake Resources Ltd. signed a memorandum of understanding with Tanco Mining Corp. of Canada Ltd. to fast-track development at the Thompson Brothers lithium project in Manitoba.

The agreement outlines initiatives including investigating the processing of the Thompson Brothers material using Tanco's infrastructure as well as Tanco supporting financing options for project infrastructure.

The companies will discuss formalizing an investment and operational strategy, such as by developing a plan for data sharing.

Snow Lake added Aug. 2 that it plans to hold discussions with investment bankers and brokers to raise additional strategic funds to fast-track development, which may delay its listing on the Canadian Securities Exchange by a few weeks.

The agreement will expire on the third anniversary of the effective date, unless extended.

In July, Progressive Planet Solutions Inc. completed the sale of its 20% interest in the project to Snow Lake.