In February, the two companies agreed to form a joint venture, with Indiana Resources acquring the option to earn up to 85% in the projects.

 

This is the second time the due diligence period has been extended. In mid-March, the period was extended to May 6.  

 

The exttension were requested by Indiana, which said it was taking more time to process the substantial amounts of historical data related to the projects.  

 

Under the Feburary agreement, Indiana can earn its 85% interest by funding exploration and development in four stages.

 

In return, Altus will receive an upfront equity payment in Indiana shares, future milestone-based payments of cash and Indiana equity and a 2.5% net smelter return (NSR) royalty on both projects.

 

In April, Altus - which will remain the operator of the JV during the two initial earn-in periods - defined a number of drill targets at Tabakorole from historical data, positioning it to test for potential extensions to a known near-surface mineral resource.

 

Altus' shares (AIM:ALS) were up 6.67% Friday to 4p (US5.21c), 29% higher than at the start of the year.