The company, Société de Recherche et d'Exploitation Minière du Mali (Sorem SA), will be fully funded by the state.

Rio said it will proceed with the acquisition of the 49% stake in Turquoise and will work with the special committee for a new shareholder meeting.

The claims are adjacent to and near Sayona’s North American Lithium (NAL) project that is returning to production early next year.

This month, Perpetua’s modified mine plan was identified as the preferred alternative due to improvements in water quality and temperature and site access benefits. 

The 2022 PEA also assesses the royalty's impact on the projected results for the three potential mine expansion scenarios.

Highlighted results, all from the Upper Horizon area of the Hilltop target, include 60.2 g/t gold, 908.7 g/t silver, 15.7% lead and 1.1% zinc over 10 metres.

Company reported the death of a contractor following an "isolated incident" at its Magino Project in northern Ontario.