Australia's LCL Resources jumps most in nearly 1-1/2 years on Rio support for PNG project

Rio Tinto

Yesterday 03:49

** Shares of LCL Resources LCL.AX rise as much as 38.5% to A$0.009, their largest intraday pct gain since early May 2025
** Stock hits highest level since May 18
** Mineral explorer says its unit has executed a binding farm-in and JV term sheet with Rio Tinto
** Rio may earn up to an 80% interest in co's Liamu copper-gold project in Papua New Guinea (PNG)
** Adds Rio may earn an initial 51% stake by sole funding at least A$6 million ($4.21 million) of exploration within five years
** Around 7.8 million shares change hands, 13.7 times the 30-day average
** Stock up 23.1% YTD, including the day's moves

($1 = 1.4241 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))