The project comprises four contiguous tenements. Credit: Christoph Schaarschmidt via Shutterstock.com.

Caprice Resources (company) has entered a binding option deal with HJH Nominees (vendor) to acquire a 90% interest in the Bantam Project in the West Arunta region of Western Australia (WA).

The project comprises four contiguous tenements, including one granted exploration licence and three applications, spanning 1,470km².

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This acquisition positions Caprice Resources alongside WA1 Resources’ West Arunta Project, which boasts the significant Luni NiobiumREE discovery.

The Bantam Project’s proximity to the Luni NiobiumREE discovery is noteworthy, as WA1 Resources has seen its market capitalisation surpass A$1bn ($661.5m).

Caprice Resources has agreed to a non-refundable option fee of A$30,000, with a 30-day period for due diligence.

It will pay the vendor A$1.03m upon completion, with additional deferred milestone payments totalling $1.1m.

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The agreement stipulates that Caprice Resources will make deferred payments upon the granting of the respective exploration licences or after 12 months from the date of completion.

Furthermore, upon completion, the vendor will receive a 2% gross production royalty from any minerals extracted from the tenements.

An unincorporated joint venture will be formed between the company and the vendor, with the vendor being free carried until a mining decision is made.

Caprice Resources is committed to investing at least A$200,000 in exploration activities on one of the tenements by 28 June 2024.

In parallel with the acquisition, Caprice Resources has secured A$1.58m through a placement to fund exploration efforts, not only at the Bantam Project but also at the company’s existing projects.

The placement, which was “heavily oversubscribed”, will involve the issuance of 88 million shares at A$0.018 each, with the first tranche expected to commence trading on 20 May 2024.