Waratah Minerals (ASX:WTM) agreed to acquire 100% of the Ironclad mining lease (GL5828) in New South Wales for AU$1 million in cash, according to a Monday filing with the Australian bourse.

The agreement involves a AU$100,000 exclusivity fee, with the remaining amount to be paid once the extension and transfer conditions are met, the filing said.

Upon completing the acquisition, the company intends to finalize the transfer of tenure and conduct detailed review and targeting studies, per the filing.

Shares rose 6% in morning trade Monday.