Sunrise Resources plc has granted its potential purchaser a 12-month extension to exercise its option over the Pioche sepiolite project in Nevada.
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Tolsa USA Inc will pay an extension fee of US$100,000 before 15 January 2024, and the option exercise price increases from $1.25m to $1.4m.
The Spanish company’s previous deadline to buy Pioche was 28 December 2023.
Sunrise executive chairman Patrick Cheetham described the new terms as a “win-win arrangement”.
“Tolsa has carried out a significant amount of exploration and has defined extensive and thick beds of sepiolite clay but needs more time to understand the commercial properties of the Pioche sepiolite and determine the best processing methods and range of commercial products that might be produced at Pioche.
“We believe that Tolsa, as the world’s largest producer of sepiolite, is best placed to maximise the development potential of the project and the value of our ongoing royalty interest and so we are happy to give them the additional time required to achieve this.”
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