Commenting on the Agreement Legacy Iron CEO Rakesh Gupta said...

Commenting on the Agreement Legacy Iron CEO Rakesh Gupta said
“The signing of this agreement is a significant step in the development of the Mt Bevan project as it moves further towards commercialisation. We welcome Hancock into the project and look forward to working with them and leveraging their expertise in the area, and the development of this project.”


Hawthorn Managing Director Brian Thornton commented
“The Mt Bevan project is unique and has delivered an outstanding result for Hawthorn shareholders; firstly we have a world class well defined magnetite ore body which sits side by side with a potential new lithium province on the Mt Ida fault and adjacent to Delta Lithium’s discovery. Hawthorn Resources is delighted to welcome Hancock into this next exciting chapter of the Mt Bevan venture.”

Legacy and Hawthorn are entitled to receive an additional cash payment of up to $10million if a lithium pegmatite JORC resource of greater than 5,000,000 tonnes with an average grade of 1.2 percent Li2O or above is delineated

Legacy has a right to acquire up to 75 percent of the end product produced by any successful joint venture project,
with Hawthorn retaining a right to take 10 percent and
Hancock retaining a right to take 15 percent.

perhaps Haw can use the 10% to build some batteries to power the gold mine



Trade well