In a sign of confidence for Bryah Resources’ developing Bryah Basin manganese project, JV partner OM Holdings has committed to grow its stake to 51%.
OM, which is funding exploration at the project owned and managed by Bryah Resources (ASX: BYH), has again put its money where its mouth is with a commitment to spend a fourth tranche of $500,000 at the JV.
It will take the total investment OM has made in the JV to $3 million since 2019, after the Singapore-based miner recently spent a further $500,000 to up its stake from 30-40%.
Malaysian-listed OM’s enthusiasm for the Bryah Basin JV has only gotten stronger since Bryah reported recent samples of up to 49% in rock chips.
While it didn’t release an announcement of its own, OM’s shares skyrocketed this morning by 24% to more than $1.