Tambourah Metals (ASX:TMB) is actively seeking a new partner to continue the joint exploration of its Julimar North Project in Western Australia. This decision follows Sociedad Química y Minera de Chile’s (SQM) (NYSE:SQM) termination of its earn-in agreement, initially established in July 2024. The agreement stipulated that SQM would fund a minimum of $1.5 million in exploration and development activities to acquire an initial 50% interest in the project’s mineral rights.
SQM’s decision to cease further exploration at Julimar means the company will not fulfill the initial expenditure commitment outlined in the agreement. Consequently, SQM will not earn into the project. Tambourah Metals, with a market capitalization of $2.7 million, will manage the project, once previous results from exploration are compiled, until a suitable partner is found to continue joint exploration efforts.
Tambourah Metals operates as a gold and critical minerals explorer with projects throughout Western Australia. SQM focuses on lithium development and exploration projects across Chile and Australia. The search for a new partner is crucial for Tambourah to advance exploration at Julimar North.
