Dynamic Metals Signs Earn-In Deal for North East Leases Fluorspar Project in Queensland

Dynamic Metals has entered a binding earn-in and joint venture agreement with private Australian explorer North East Lithium over the North East Leases fluorspar project in north Queensland, paying $400,000 for an initial 25% interest. TradingView reported the terms on November 3, 2026.

How the North East Leases Earn-In Is Structured

The $400,000 payment is subject to satisfaction or permitted waiver of the completion conditions. Dynamic then funds staged exploration expenditure of $850,000 to reach 51% equity, and a further $1.65 million to reach a total 70% equity.

Dynamic intends to combine North East Leases with its Meentheena critical minerals project in Western Australia and associated intellectual property to form a new fluorite-focused subsidiary. Fluorspar is the principal commercially mined source of fluorine and appears on the critical minerals list at Geoscience Australia, with fluorine compounds used in lithium-ion batteries, semiconductor manufacturing and aluminium production.

Managing director Karen Wellman said North East Leases offered the company a second Australian fluorspar platform with a substantial historical exploration footprint and several areas of known fluorite mineralisation.

Unlisted public entity Boomarra Minerals, North East Lithium's holding company, will be a party to the agreement as guarantor of North East Lithium's obligations. Boomarra was demerged in 2022 from Lava Blue, an advanced mineral processing company, and the vendor group has advised Dynamic that Boomarra holds a right to licence mineral processing methods developed by Lava Blue on normal commercial terms.

Lava Blue specialises in high-purity alumina processing technology and intends to assess processing options from North East Leases for specialty metals including rare earths, cobalt and molybdenum. Any processing, licencing, sample-testing or offtake arrangement involving Dynamic would be subject to separate technical evaluation and commercial agreement, and Lava Blue has stated its interest in sourcing mineral samples from Boomarra or Dynamic for research into processing methods.

What the Queensland Tenements Contain

North East Leases is an early-stage exploration opportunity comprising three granted exploration permits held by North East Lithium and an exploration permit application that will be included in the agreement if granted. Historical workings include pits, costeans, trenches, stopes and shafts, with mining of some prospects taking place 100 years ago.

Exploration in the 1970s did not demonstrate an economic resource but confirmed fluorite mineralisation within structurally controlled quartz-rich zones. Approximately 53 mapped reconnaissance rock chip, rock and grab samples were collected from the Ironclad, Mt Sirius, Moonflight, True Blue, Montgomery and Big Relief prospects, with calculated results up to 98.8% calcium fluoride equivalent, including eight samples grading more than 80% and 15 grading at least 50%.

Eleven vendor-supplied fluorite samples analysed by a specialist fluorite laboratory returned grades of between 62.29% and 96.05% calcium fluoride equivalent, including three results above 90%.