NEWS
News and Shareholder Information
Phoenix to JV its Iron Ore Rights at the Norseman Project
On 30 October 2023, Phoenix Industrial Minerals Pty Ltd (“Phoenix”/the “Company”) entered into a legally binding Heads of Agreement (“HoA”) with Constance Iron Limited (“Constance Iron) to establish a joint venture (“JV”) in respect to the Company’s iron ore rights at the Norseman Project.
Under the terms of the JV, Constance Iron will earn in up to a 60% interest in the iron ore project.
The JV is conditional on Constance Iron listing on the London Stock Exchange by 31 May 2024.
Pursuant to the terms of the HoA, Constance Iron has paid Phoenix a non-refundable advance of $500,000 and has reimbursed certain legal costs that were assigned to the Company as part of the recent Demerger from Tulla Resources Plc.
Further, Constance Iron has agreed to fully fund an initial drilling program at the Norseman Project.
