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St-Georges to develop lithium extraction technology for Iconic's Bonnie Claire

St-Georges Platinum & Base Metals Ltd. agreed to develop extraction technology for Iconic Minerals Ltd.'s early stage Bonnie Claire lithium project in Nevada.

Iconic will issue up to 5 million common shares to St-Georges upon signing a definitive agreement for the research and development, which will include engineering services.

The parties will also establish a royalty stream on the commercial output from the property for its entire mine life, according to an Aug. 10 release.

The royalty will either be a 5% net revenue interest or net revenue return, with further details to be ironed out in the definitive agreement, which will be subject to board approval from both companies and regulatory authorities.