Medallion Metals (ASX:MM8) and IGO (ASX:IGO) agreed and entered into the subsidiary documents to an earlier asset sale agreement to acquire the Forrestania nickel operation in Western Australia, according to a Wednesday Australian bourse filing.

The documents include mineral rights deeds governing IGO's retained rights for the exploration, development, and mining of lithium and nickel minerals, a royalty deed outlining IGO's right to receive up to a 1.5% net smelter return royalty on all future gold and silver production from Forrestania, and an option deed relating to freehold land overlapped by certain Forrestania tenure.

The completion of the proposed transaction is still subject to remaining conditions per the agreement. The proposed transaction is targeted for completion before the end of the year.

The shares of both firms fell 4% in recent trading on Wednesday.