• Exclusive non-binding Letter of Intent with Mineral Mining Services Pty Ltd (MMS) for commercialisation of Wadgingarra Mineral Resource
• MMS to fund and manage development within the Mineral Resource area, with profits shared after cost recovery
• Framework established to negotiate a Drill-for-Equity Agreement to accelerate exploration, initially at the Yalgoo Project

Premier1 Lithium Limited (ASX:PLC) has entered into a non-binding Letter of Intent (LOI) with Mineral Mining Services Pty Ltd (MMS) for a Development Partnership over the Wadgingarra Mineral Resource area and a Drill-for-Equity Agreement. The LOI sets out the framework for the Development Partnership, where MMS will fund and manage all development and commercialisation activities within the partnership area, including heritage and environmental approvals, resource development drilling, mine planning, geotechnical and metallurgical studies, mining lease applications, and operational services. Premier1 will retain responsibility for maintaining the tenements and meeting statutory obligations outside the partnership area. MMS will be entitled to recover its development costs from early project cashflows, after which profits will be shared between Premier1 and MMS. The LOI also establishes a framework for a Drill-for-Equity Agreement, under which MMS may provide drilling services across Premier1's exploration portfolio, with drilling costs to be settled through a combination of cash and Premier1 shares. The initial drilling program will focus on Premier1's Yalgoo Project, including the Mt Kersey prospect, with scope to extend to other areas of the portfolio by mutual agreement. The LOI provides a 90-day exclusivity period during which the parties will work to finalise and execute definitive binding agreements.