Eclipse Metals (ASX:EPM) entered into a binding option and earn-in agreement with Boss Energy (ASX: BOE) to advance exploration at the Liverpool uranium project in the Northern Territory, according to a Monday filing with the Australian bourse.
Boss Energy will invest AU$250,000 in exploration during a 12-month option period and has the option to earn up to 80% of the project by funding up to AU$8 million over seven years, with a minimum of AU$1.5 million required before withdrawal, the filing said.
The companies will form an unincorporated joint venture, with Boss Energy holding the option to acquire an additional 10% for AU$50 million, bringing its total stake to 90%, the filing added.
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