Rio can earn an extra 25% in Legacy, bringing its interest to 75% over the following five years after the initial four years. The company will have t o spend approximately C$34.2 million at the project during the five-year period.
Rio Tinto Exploration will act as operator with the advice of a technical committee made up of members from each partner.
“This marks a significant milestone in the company’s development and creates a non-dilutive pathway for the necessary capital to properly explore our Legacy lithium project over the coming years,” states Mike Stier, CEO and director of Saga. “We look forward to partnering with Rio Tinto and hope to have a long and fruitful relationship for many years to come.”
The Legacy property covers 342.43 sq. km. in what Saga says is an underexplored area known to contain LCT-bearing pegmatitic lithium showings. It lies within Quebec’s Plan du Nord, where the province proposes to…
