BHP Alliance

GREENFIELDS DISCOVERY ALLIANCE WITH BHP

In January 2019 Red Metal announced the execution of a significant, multi-project option and joint venture agreement with OZ Minerals Limited (OZ Minerals) aimed at fast-tracking the search for greenfield discoveries on Red Metal’s highly sought after Australian base metal exploration portfolio.

BHP acquired OZ Minerals in April 2023 and has maintained the Alliance with Red Metal.

The agreement provided Alliance partner with an option to fund a series of mutually agreed, proof-of-concept work programs on six of Red Metal’s exciting projects (Red Metal ASX announcement dated 30 January 2019).

Following initial programs the Nullarbor, Three Ways Gulf, Lawn Hill and Mount Skipper projects were withdrawn from the Alliance.  To June 2024 the alliance partner has incurred in excess of $10.6 million exploring the projects.  Field activities are ongoing at the Yarrie project (refer Projects Section).