Posted on 16/04/2025
Echelon Resources Limited (ASX:ECH) refers to its release dated 3 February 2025 and advises the existing conditional Gas Sales Agreement with Arafura Rare Earths has lapsed due to the condition precedent on Arafura final investment decision not being satisfied.
Echelon’s CEO, Andrew Jefferies, said “this is simply a case of timing and priorities no longer aligning. The condition satisfaction period for the agreement has been extended several times, but as we focus on providing production and development certainty, the Mereenie Joint Venture has decided that it’s time to re-market the gas.
We part with Arafura, on this agreement, on good terms and remain strong supporters of the Nolans Project. We look forward to working together as their project phases progress.”