Infinity Lithium to Pay Up to $3.4M for Dart’s Mitta Mitta and Corryong Projects

Strategic Divestment of Victorian Assets

Dart Mining NL (ASX: DTM) has formalized a significant divestment strategy by entering into option agreements with Infinity Lithium Corporation Limited. These agreements cover Dart's non-core Victorian exploration projects, Mitta Mitta and Corryong, located in the prolific Lachlan Fold Belt. The deal provides Infinity Lithium with a 60-day exclusivity window to acquire a 100% interest in Mitta Mitta and to earn up to an 80% stake in Corryong through a structured joint venture.

Deal Structure and Financial Terms

The initial exclusivity fee of $25,001 has already been paid to Dart Mining, with further upfront consideration of $475,000 in cash and 10 million Infinity Lithium shares (valued at approximately $200,000) payable upon exercise of the options. The total potential consideration, contingent on exploration milestones and project success, could reach $3.4 million through a combination of cash payments, share issuances, and performance rights.

Specifically, the Mitta Mitta project acquisition involves a $175,000 cash payment plus 10 million shares, with additional bonuses payable if Infinity sells the project for $1.2 million or more within three years. Performance rights tied to drilling activity and resource definition could convert into up to 35 million shares, rewarding exploration success.

For the Corryong project, Infinity Lithium will enter an earn-in joint venture, funding $3.5 million in exploration over five years to earn an 80% interest. Dart Mining’s interest will be free-carried until a final investment decision, after which it can contribute pro-rata or dilute to a 2% net smelter royalty. Deferred consideration of $2 million in cash or shares is payable upon defining a JORC-compliant resource exceeding 1 million ounces gold equivalent.

Strategic Focus and Market Implications

Dart Mining’s Executive Chairman, James Chirnside, highlighted the mutual benefits of the arrangement, emphasizing Dart’s intent to concentrate on advancing its Queensland antimony and gold projects, including the recently acquired Triumph Gold Project. The divestment proceeds will support ongoing exploration and working capital needs, allowing Dart to streamline its portfolio and capital allocation.

For Infinity Lithium, the deal represents a rapid expansion into Victoria’s mineral-rich Lachlan Fold Belt, enhancing its footprint with promising gold-copper-silver-molybdenum assets. The performance-based structure aligns incentives for both parties, linking payments to exploration success and resource milestones.

Looking Ahead

While the agreements are binding, the realization of full value depends on exploration outcomes, regulatory approvals, and market conditions. Investors will be watching closely as Infinity Lithium undertakes drilling programs and resource assessments, which will be critical to unlocking the deferred payments and performance rights.