Metallium Signs Option, Earn-In Deal With New Frontier Minerals; Shares Down 10%

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Metallium (ASX:MTM) signed a binding option and earn-in agreement with New Frontier Minerals (ASX:NFM), granting the latter the right to acquire a 90% interest in the Pomme project in Canada, according to a Thursday filing with the Australian bourse.

The deal involves an upfront consideration of AU$100,000 in cash and AU$200,000 in shares, with contingent payments to earn the interest through staged investment and technical milestones, the filing said.

Metallium shares fell nearly 10% in midday trade on Thursday, while New Frontier Minerals shares fell nearly 6%.

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