Amigo Resources (LSE:AMGO) shares have risen 8.7% to 2.99p after the company agreed a JV with AK Corporation for Songwe REE licences.
The licence package comprises PL 12668/2024, PL 12667/2024 and PL 12674/2024 within the Mbeya‑Songwe alkaline‑carbonatite corridor, a recognised East African REE province with regional analogues including Ngualla, Songwe Hill and Panda Hill.
Historical drilling at the Musensi licence within the package reports approximately 0.35% TREO and ~0.30% barium, with mineralogy consistent with carbonatite‑hosted REE systems.
Under the deal AK Corporation will transfer its economic interests into JVCo and provide local access, historical data and regulatory support, while Amigo will supply exploration expertise, capital‑markets access and project development capability.
Governance will be by a board with proportional representation, Amigo retaining operational control commensurate with 51%, and future consideration to be structured and payable based on technical outcomes and development milestones.
A phased, decision‑driven work programme of data validation, radiometrics, trenching, scout drilling and metallurgical testwork targeting JORC‑compliant resources will proceed subject to standard due diligence and regulatory approvals.
