Australia's LCL Resources rises on farm-in deal with Rio Tinto

LCL Resources

23/03/2026 03:58

** Shares of LCL Resources LCL.AX rise 23.1% to A$0.008, their largest intraday pct gains since February 25

** Stock hits highest level since March 13

** Mineral explorer executes JV agreement with Rio Tinto for co's Ono copper-gold project in Papua New Guinea

** Says, Rio Tinto to make total cash payments of up to A$1.5 million ($1.05 million) to co, payable at milestone-linked stages

** Adds Rio may also earn an initial 51% interest in the project by sole funding minimum A$8 million in exploration expenditure

** Around 7.5 million shares change hands, 5.1 times the 30-day average

** Stock up 23.1% YTD, including day's moves

($1 = 1.4331 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))