Alchemy Resources Limited, an Australian mineral explorer, has signed a binding agreement with iron ore miner Newcam Resources to earn up to 60% of Newcam’s Bryah Basin iron ore projects in Western Australia.

Alchemy paid A$500,000 for the six-month option, with an additional A$500,000 due if the option is exercised. Newcam also received an immediate equity injection by subscribing to 10 million Alchemy shares.

If the deal is completed, Newcam will operate the project and fully fund exploration, carrying Alchemy through to a production decision.

The Bryah Basin Project comprises a 527 km² ground package and includes high-grade hematite deposits grading above 65% Fe, offering significant infrastructure advantages. A maiden drill program is scheduled to assess ore continuity.