Everest Metals (ASX:EMC) has entered a memorandum of understanding with Arlington Innovation Partners to tap into US funding and partnerships for its Mt Edon Critical Minerals Project in Western Australia.
Throughout this agreement the companies will investigate development potential for the downstream process from Mt Edon, while also engaging in discussions for the extraction of critical minerals and potential collaboration options for future projects and scale ups.
Arlington will direct the company towards pursuing letter of intent funding from the Export-Import Bank of the United States (EXIM).
CEO Mark Caruso says the agreement is a key step in unlocking access to potential offtake partners, EXIM, as well as the Department of War and the Department of Energy.
“The potential to secure a proven pathway for strategic mineral development through non-dilutive capital and credible downstream and/or midstream offtake partners, further enhances Mt Edon’s position as a globally significant source of rubidium supply, and supports the US-Australia critical minerals collaboration as a catalyst to deliver value to shareholders,” Caruso says.
Arlington Co-Founder David Argyle says he is confident in Everest’s project identification and de-risking skill sets, as well as the company’s focus on rubidium and caesium for strategic sectors and supply chain.
“From Arlington’s perspective the Mt Edon Project has the potential to secure the upstream portion of the critical material supply chain for US protected markets demand for both rubidium and caesium derivatives and products given their interchangeability properties,” Argyle says.
Located just 5km southwest of Paynes Find in Western Australia, the Mt Edon Project is prospective for rubidium and lithium, hosting a JORC-compliant resource of 3.6 million tonnes @ 0.22% rubidium oxide and 0.07% lithium oxide, including 1.3 million tonnes @ 0.33% rubidium oxide and 0.07% lithium oxide at a 0.25% rubidium oxide cut-off.
Rubidium is listed on the US critical minerals list, playing an essential role in defence applications such as night vision equipment, radiation detection, and infrared signals.
Write to Maddison Elliott at Mining.com.au
Images: Everest Metals
