Cygnus Metals (ASX:CY5) negotiated a two-year extension to its two-stage earn-in with Stria Lithium for the Pontax lithium project in Canada, according to a Wednesday Australian bourse filing.
The second stage of the earn-in will allow the firm to earn an additional 19% interest in Pontax, bringing its total interest to 70%.
Cygnus has until October 2027 to spend an additional CA$2 million on exploration at the project and make a cash payment to Stria of CA$3 million.
Cygnus plans to issue 300,000 shares to Stria at a deemed price of AU$0.105 per share. These shares will be subject to voluntary escrow for a period of 12 months from issue.
Its shares fell 7% in recent trading on Wednesday.
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