Maximus Resources secures approval for strategic lithium partnership

Maximus Resources Limited (ASX: $MXR) has received approval from the Australian Foreign Investment Review Board (FIRB) for a Joint Venture (JV) with the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR). KOMIR will fund USD$3 million (~AUD$4.5 million) of lithium exploration to earn a 30% interest in Maximus' Lefroy Lithium Project located in Western Australia's Eastern Goldfields lithium corridor. Maximus retains a significant 70% interest in the project at the end of the farm-in period.

Executive Commentary on FIRB Approval and Joint Venture

Receiving FIRB approval is an important milestone for the strategic lithium partnership, allowing the Company to progress the Lefroy Lithium Project, fully supported with KOMIR's USD$3 million investment. We have made some significant progress during the FIRB review process, utilising a USD$200,000 non-refundable deposit to build our geological understanding and identifying some very promising prospective targets at Kandui, Yilmia and Landor through the first-phase soil geochemistry mapping and a successful initial 3,000m RC drill program. In November 2023, we successfully intersected several shallow high-grade spodumene-bearing pegmatites at our Kandui prospect, which will be the focus for the upcoming drill program, whilst drill testing the Yilmia and Landor Prospects.

Summary of Maximus Resources' Lithium Joint Venture with KOMIR

Maximus Resources has secured approval from the Australian Foreign Investment Review Board (FIRB) for a Joint Venture (JV) with KOMIR, enabling KOMIR to invest USD$3 million in Maximus' Lefroy Lithium Project. The Lefroy Lithium Project, located in Western Australia's highly prospective Eastern Goldfields Lithium-Cesium-Tantalum (LCT) Province, holds significant potential with multiple high-grade spodumene-bearing pegmatites intersected during the FIRB review process. Maximus plans to commence the second phase drill program at the Lefroy Lithium Project, focusing on expanding previous intersections of spodumene-bearing pegmatites at Kandui Prospect and testing additional regional targets at Yilma and Landor. The Company aims to unlock the value of its lithium projects and deliver long-term benefits to its stakeholders.