• Multi-year, multi-million-dollar exploration JV with Sumitomo Metal Mining Oceania Pty Ltd
• JV to target giant Noril'sk-style Ni-Cu-PGE deposits
• Sumitomo can earn up to 80% interest through $5.5M expenditure over 5 years, and up to 90% through a Feasibility Study

Miramar Resources Limited has signed a Non-Binding Term Sheet for an Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) at its 100%-owned Bangemall nickel-copper-platinum group element (Ni-Cu-PGE) Projects in the Gascoyne region of Western Australia. SMMO is a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd, a company with over 300 years of mine development and operation experience. The Exploration JV Agreement covers five Exploration Licences currently held by Miramar, with an option to include additional tenements. Key terms include SMMO reimbursing Miramar for the cost of the EIS co-funded magnetic VTEM survey, a minimum $600,000 expenditure commitment by SMMO, and SMMO earning up to 80% interest through $5.5 million expenditure over 5 years, and up to 90% through completion of a Feasibility Study. Miramar will be responsible for managing the Joint Venture exploration activities. The companies are targeting giant Noril'sk-style Ni-Cu-PGE deposits, which Miramar has been exploring for since 2021, having already discovered disseminated nickel and copper sulphides within differentiated Kulkatharra Dolerite sills.

Miramar and Sumitomo are looking forward to progressing the Bangemall project towards a potentially very significant Ni-Cu-PGE discovery through the systematic exploration program enabled by the new joint venture.