Mineral Resources (ASX:MIN) and Dynamic Metals (ASX:DYM) executed a formal joint venture agreement and mineral rights sharing agreement for the Widgiemooltha lithium project in Western Australia, based on a March 2024 binding term sheet, according to a Monday Australian bourse filing.

A final payment of AU$1 million for stage one 40% lithium mineral rights was received by Dynamic, per the filing.

An additional period of two years was added to the stage two earn-in period in the formal agreement, and it is now six years from the joint venture start date of July 12, 2024. The stage two earn-in requirement was cut from AU$15 million to AU$14 million.

Both firms also agreed to the release of 16 tenements from the joint venture, which returned to being wholly owned by Dynamic Metals.

Dynamic will have a 60% stake in the joint venture, with Mineral Resources to have a 40% interest. Mineral Resources can solely fund AU$15 million of expenditure over four years to increase its stake in the venture to 65%. After that, it has the option to increase its stake in the venture to 80% by solely funding expenditure through to a decision-to-mine.