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Maximus Resources has received backing from the Australian Government to pursue a joint venture with the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR).

The Australian Government Foreign Investment Review Board (FIRB) gave the two companies the green light for the partnership, which will see KOMIR invest $US3 million ($4.5 million) into lithium exploration.

In return, KOMIR will earn 30 per cent interest in Maximus’ Lefroy lithium project in Western Australia.

“Receiving FIRB approval is an important milestone for the strategic lithium partnership, allowing the company to progress the Lefroy lithium project, fully sported with KOMIR’s $US3 million investment,” Maximus managing director Tim Wither said.

“We have made significant progress during the FIRB review process, utilising a $US200,000 non-refundable deposit to build our geological understanding and identifying some very promising perspective targets at Kandui, Yilmia and Landor through the first-phase soil geochemistry mapping and a successful initial 3000m RC drill program.

“In November 2023, we successfully intersected several shallow high-grade spodumene-bearing pegmatites at our Kandui prospect, which will be the focus for the upcoming drill program, whilst drill testing the Yilmia and Landor prospects.”

Maximus has also executed a seperate, non-binding memorandum of understanding with global battery manufacturer LG Energy Solution, providing an option to acquire KOMIR’s 30 per cent interest and the right to negotiate the purchase of up to 70 per cent of the project’s future product.