Alchemy Resources partnership with JOGMEC for lithium exploration

Alchemy Resources Limited (ASX:ALY) has signed a Farm-in and Joint Venture agreement with Japan Organization for Metals and Energy Security (JOGMEC) to explore lithium in Western Australia. Under the agreement, JOGMEC has the right to earn a 51% interest by expending $6,000,000 by 31 March 2029, with a minimum expenditure commitment of $600,000 by 31 March 2025. Alchemy will manage exploration during the farm-in period, subject to Australian Foreign Investment Review Board (FIRB) approval.

Executive Commentary on the Partnership

This is a fantastic outcome for Alchemy and a great endorsement for the Karonie project. The Farm-in and JV deal gives a clear path for exploration at Roe Hills in the medium term, and along with our existing gold exploration plans in the region, provides JOGMEC and Alchemy the best opportunity for exploration success in the region. Exploration has been ongoing through the year and has resulted in the delineation of several priority targets which we plan on testing once the requisite approvals are in place.

Summary of Alchemy Resources' Partnership with JOGMEC

Alchemy Resources Limited (ASX:ALY) has entered into a Farm-in and Joint Venture agreement with JOGMEC for lithium exploration in Western Australia. The agreement allows JOGMEC to earn up to 51% interest in the Roe Hills tenure owned by Alchemy by funding up to $6,000,000 of exploration expenditure. Alchemy will act as the operator of the project during the Farm-in period. The partnership provides a clear path for exploration at Roe Hills and enhances the potential for exploration success in the region. The exploration JV remains subject to JOGMEC obtaining FIRB approval. Alchemy Resources is focused on growth through the discovery and development of gold, base metal, and battery metals within Australia, and this partnership aligns with its strategic goals for exploration and development.