en.Wedoany.com Reported - Nex Metals (ASX:NME) has signed a binding term sheet to form a gold exploration joint venture with the Wangkatja Tjungula Aboriginal Corporation (WTAC). The joint venture will initially focus on gold exploration and mining operations in Western Australia, with WTAC holding a 60% stake and Nex Metals holding the remaining 40% interest.

As the majority shareholder, WTAC will provide 100% of the joint venture's funding through unsecured loans, which will be repaid from operating revenue. Nex Metals will be responsible for project identification, acquisition, and operational execution, receiving management fees and entitled to 40% of distributable net profits. Geologist Jason Livingstone, who has over 25 years of experience in exploration, feasibility studies, and production environments, will lead the joint venture's operations.

Nex Metals Managing Director Ken Allen stated that the company has collaborated with WTAC for many years and recently signed a profit-sharing agreement for the Kookynie Gold Mine tailings project. Allen noted that this partnership will further deepen the relationship between the two parties, establishing a platform for the responsible development of gold projects by combining WTAC's personnel and cultural knowledge with NME's operational and technical capabilities. This aims to generate returns for Nex shareholders while supporting local participation, employment, and long-term economic outcomes for the WTAC community.

WTAC Chairman David Canning said the joint venture creates opportunities for the local community, combining Nex Metals' operational capabilities with the community's understanding of the local environment and culture to become a leading investor in gold exploration and mining operations. Canning also mentioned that the joint venture will help WTAC expand its WTAC Commercial Services business, providing mining and commercial services to miners and prospectors in the host country and surrounding regions, bringing more value to the community.

The two parties previously had a memorandum of understanding for broader cooperation beyond the Kookynie project, and this joint venture aims to formalize that memorandum. Nex Metals focuses on unlocking value in Western Australia's goldfields. WTAC represents the Nyalpa Pirniku people, who are the traditional owners of the mineral-rich goldfields region covering 30,900 square kilometers north of Kalgoorlie.

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