Fission 3.0 Corp. signed a binding agreement to grant Rhyolite Lithium Corp. an option to earn up to an 80% interest in the company's mining concessions in Peru by spending up to C$22 million over a five-year period.
The companies inked a binding letter of intent in August 2018.
Rhyolite is required to spend a minimum of C$5.5 million before Dec. 31, 2020, to secure an initial 50% interest, and will have the option to spend a further C$16.5 million to earn a further 30% stake over the following three years.
In connection with this deal, Fission 3.0 secured a 19.9% stake in Rhyolite and was granted a right to participate, on a pro rata basis, in all future financings to maintain the proportionate interest in Rhyolite.
Fission 3.0 will continue to operate the Peruvian assets until the completion of the initial earn-in.
The company owns the development-stage Macusani uranium and lithium property in Peru.