Iluka Resources Limited (AU:ILU) has released an update.
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Megado Minerals Limited has entered into an exploration agreement with Iluka Resources’ subsidiary, PURE Exploration, for the North Fork Rare Earth Project in Idaho. The deal includes a three-tranche transaction, where Iluka will pay an initial A$500k and later have the option to purchase the project for A$1m during a two-year exploration period. An additional A$2m payment is contingent upon Iluka achieving US$10m in revenue from the project.
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