Extended Farm-In and $3M Spend Raise Stakes—and Risks—at Bridgetown-Greenbushes

IGO Advances Stage 2 Farm-In at Bridgetown-Greenbushes

Venus Metals Corporation Limited (VMC) has announced that a subsidiary of IGO Limited has elected to proceed with Stage 2 of its farm-in agreement at the Bridgetown-Greenbushes Exploration Project in Western Australia. This move involves a $3 million expenditure commitment, allowing IGO’s subsidiary to increase its stake in the project from 51% to 70%.

The joint venture between VMC’s subsidiary and IGO’s subsidiary was formed in October 2025 after IGO met the Stage 1 earn-in requirements. The Stage 2 farm-in period has been extended to 3 November 2028, providing IGO with additional time to meet its expenditure obligations. This extension reflects the complexity and scale of the exploration work planned.

Exploration Progress and Geological Insights

Exploration activities to date have been extensive. IGO has collected and analyzed over 4,300 soil samples, including nearly 2,700 during the recent Phase 2 program. These efforts have identified a coherent lithium-tantalum-niobium-cesium anomaly at the Ti Tree target, covering an area approximately 2.8 kilometers long and 1.2 kilometers wide. This anomaly remains open to the northeast, where access is still pending.

In addition to the primary target at Ti Tree, twelve other areas of interest with weaker or discontinuous soil anomalies have been identified, including the previously reported Greenbushes East target. These secondary targets require further investigation to determine whether they represent lithium-bearing pegmatites or are the result of complex regolith processes.

Next Steps and Strategic Implications

Looking ahead, IGO plans to initiate Phase 3 soil sampling, which will include infill sampling and expansion into previously untested areas of the joint venture tenure. Complementary geophysical surveys, including gravity readings and potentially magnetic and seismic methods, are also under consideration to better define basement geology and mineralisation controls.

Upon successful completion of Stage 2 and a Pre-Feasibility Study, IGO will have the option to acquire VMC’s remaining 30% interest in the project at fair market value, less an adjustment for exploration expenditure. This option underscores the strategic importance of the Bridgetown-Greenbushes Project within IGO’s broader portfolio and highlights the potential for significant value creation if exploration results continue to be positive.

Overall, the advancement to Stage 2 farm-in and the promising geochemical anomalies reinforce the project’s potential as a significant lithium and critical minerals resource in Western Australia, a region increasingly vital to global battery supply chains.