MetalNRG has signed an agreement to acquire up to a 75% interest in Mkango Resources’ Thambani exclusive prospecting licence in Malawi.

Under the non-binding heads of terms agreement, MetalNRG will invest up to $2m on exploration to earn the interest.

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The agreement terms outline that MetalNRG and Mkango will enter into a binding definitive agreement on or before the 30 June.

Under the definitive agreement, MetalNRG must invest $500,000 on exploration within the Thambani licence within one year of the date of the definitive agreement, including a drilling programme totalling 1,500m.

“Mkango shareholders can look forward to an exciting year of news flow and progress in two of the market’s most strategic commodities at present.”

Mkango Resources president Alexander Lemon said: “This transaction is another milestone for Mkango and for Malawi, and is further endorsement of the company’s strategy and potential.

“With MetalNRG funding the Thambani uranium project and the previously announced transaction with Talaxis funding Mkango’s Songwe Hill rare earths project, Mkango shareholders can look forward to an exciting year of news flow and progress in two of the market’s most strategic commodities at present.”

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Upon completion of the initial workplan, MetalNRG will get a 25% economic interest in the licence, which will be limited only to uranium.

The company may also elect to further explore and develop the licence by spending $700,000 over the subsequent 12 months (the second workplan) after which it can earn a 49% economic interest.

MetalNRG may then choose to further explore and develop the licence by spending another $800,000 over the subsequent 12 months.

With the completion of this third workplan, MetalNRG will obtain a 75% economic interest in the Thambani licence.