Overview
- SRL Hot Rocks, a wholly owned Sunrise Energy Metals subsidiary, will sole-fund exploration and development to earn a majority interest in the Millungera Basin project.
- Funding is staged as A$2 million over up to three years for Phase 1 and A$3 million over up to two years for Phase 2.
- On completion of the farm-in, the parties may form a joint venture initially split 80/20 in favor of SRL Hot Rocks, with terms agreed in principle.
- Exploration permits with five-year terms have been granted for Julia Creek, Lara Downs and Ouchy, with access secured through the Mitakoodi and Mayi People Native Title Aboriginal Corporation.
- Greenvale says the arrangement frees it to focus exploration resources on its uranium portfolio while progressing geothermal assets in a high-demand region of north‑west Queensland.