Alba Mineral Resources plc said it maintained its earn-in rights to the Finnsbo rare earth elements project in Sweden, despite “certain public statements” on the “purported termination” of the agreement.
UNFOUNDED
The company added it had fulfilled the earn-in terms, which involved an agreed work programme of drilling three holes in late 2025.
Alba, which is in the process of arranging for the drill core to be assayed, said that the agreement and its earn-in rights, “remain in full force and effect”.
“The company refutes any claims to the contrary,” said Alba in a statement on 6 March.
“The company is satisfied that it has fulfilled the expenditure requirement for the first 12-month earn-in period, has therefore earned a 25% interest in the project and as such is entitled under the terms of the agreement to continue earning into the project during a second 12-month period and, subject to meeting the applicable expenditure requirements, to increase its interest to 51%.
“The company intends to take such legal steps as it considers necessary to ensure that its rights under the agreement are recognised and fully protected and is further considering all appropriate remedies in relation to the publication of certain other related, and wholly unfounded, public statements in relation to this matter.”
Alba signed the option in November 2024 for the project located in the historic magnetite mining district of eastern Bergslagen in Uppland.