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Altus Strategies said it had entered into a joint venture agreement with Glomin Services on the company's Lakanfla and Tabakorole gold projects located in western and southern Mali respectively.
Under the agreement, Glomin would have the option to acquire up to an initial 80% interest in each project by completing a definitive feasibility study.
In return, Altus would be the operator of the JV during the initial earn-in period, receive up to US$1.45m in milestone cash payments and retain a 2.5% net smelter return royalty on Lakanfla and Tabakorole gold projects.
An initial 3,500m drilling campaign was expected to commence at Lakanfla and ground magnetics to commence at Tabakorole in the first quarter of 2020 followed by 1,500m of drilling, the company said.
The JV agreement comes after both Altus and Glomin agreed a term sheet on 22 August 2019.
At 10:04am: (LON:ALS) Altus Strategies Plc share price was +0.38p at 4.88p