SQM terminates Tambourah earn-in agreement

SQM is a producer focusing on the development of lithium investments and exploration projects across Chile and Australia.

Tambourah Metals (ASX:TMB) is searching for another party to continue its joint exploration of the Julimar North Project in Western Australia, following Sociedad Química y Minera de Chile’s (SQM) (NYSE:SQM) terminating its earn-in agreement.

An agreement between SQM and Tambourah in July 2024 saw SQM funding a minimum of $1.5 million of exploration and development activities across the project to earn an initial 50% of interest in mineral rights.

SQM is no longer furthering exploration at Julimar to satisfy the first expenditure commitment outlined in the first period, ceasing the company’s earnings into the project.

Once previous results from work at the project are made available, Tambourah, which has a market capitalisation of $2.7 million, will manage the project until another party engages to continue joint exploration.

Tambourah Metals is a gold and critical minerals explorer with projects spanning Western Australia.

SQM is a producer focusing on the development of lithium investments and exploration projects across Chile and Australia.