Maximus Collaborates with KOMIR and LG Energy Solution to Propel Lefroy Lithium Project

Australian mining firm Maximus Resources has entered into strategic agreements with the South Korean organizations Korea Mine Rehabilitation and Mineral Resources (KOMIR) and LG Energy Solution, regarding its Lefroy lithium project located in Western Australia. These developments are set to significantly impact the future of lithium exploration and production in the region.

Under the terms of a farm-in agreement, KOMIR, a South Korean government agency, has committed to providing A$4.8 million (equivalent to $3 million) in funding to facilitate lithium exploration activities at the Lefroy project. This project is situated just 25 kilometers from Kambalda in Western Australia.

In return for its substantial financial contribution, KOMIR will secure a 30% ownership stake in the joint venture formed for the development of the Lefroy lithium project. At the conclusion of the farm-in period, Maximus will maintain a 70% interest in the project.

As part of the agreement, KOMIR has also committed to an immediate non-refundable deposit of A$320,000 (equivalent to $200,000), which will be allocated to initiate the lithium exploration program. KOMIR has additionally committed to providing a minimum of A$1.6 million (equivalent to $1 million) in funding within the first year of the partnership. If, at any point, KOMIR decides to withdraw from the agreement, all rights and ownership of the Lefroy lithium project will revert to Maximus.

In a separate yet significant development, Maximus has signed a non-binding memorandum of understanding (MoU) with LG Energy Solution. This MoU establishes the framework for LG to potentially acquire KOMIR's 30% stake in the joint venture.

Maximus Resources' Managing Director, Tim Wither, expressed his enthusiasm for the collaboration with KOMIR, describing it as a crucial milestone for the company. He further emphasized the strategic importance of this partnership, noting that it enables Maximus to leverage KOMIR's international expertise and industry connections, especially with the world's largest electric vehicle (EV) battery manufacturers. This support from KOMIR will be instrumental in advancing the development, production, and marketing of future projects.

The Lefroy lithium project, located within Maximus' tenements at Spargoville in Western Australia, holds significant promise due to the presence of pegmatite deposits with lithium oxide (Li2O) assays reaching up to 2.7%. In addition to lithium, the pegmatite contains substantial concentrations of caesium (Cs) at 4,170 parts per million (ppm) and rubidium (Rb) at 17,250 ppm. These factors make the Lefroy lithium project a valuable and promising asset in the growing global lithium market.