Aurion, KoBold sign agreement for critical minerals exploration in Finland [Yahoo! Finance]
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Source: Yahoo! Finance
Under the deal, Aurion grants KoBold the right to earn a 75% interest in commodities, excluding gold or silver, found in the project area, which comprises 35km² of Aurion's fully owned 160km² Risti property in Finland. KoBold will spend $12m (€11.07m) on exploration by the fifth anniversary of the agreement's signing as part of the deal. The company is also required to commit a minimum exploration expenditure of $1m within the first 18 months. Following the fulfilment of the earn-in requirements, a joint venture (JV) will be formed between KoBold and Aurion, with ownership stakes of 75% and 25%, respectively. Additionally, if any party's ownership in the JV falls below 10%, it will convert to a 2% net smelter returns royalty. Aurion CEO Matti Talikka said: “Aurion is pleased to welcome KoBold Metals as a partner with an aim to unlock value from the base metal and critical mineral potential of the eastern part of the Risti property. “The agreement with a split commodity st
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