The company has partnered with Valoriza Mineria, a subsidiary of Spanish construction and engineering major Sacyr SA (BME:SCYR) in an earn-in joint venture over the San Jose project.
Plymouth has spent the minimum expenditure commitment of €1.5 million by completing the required technical work which supports the mining licence application (MLA) for San Jose.
Valoriza Mineria will now transfer a 50% interest in the project to Plymouth.
At stage 2, the company can elect to earn a further 25% (total 75%) by completing a feasibility study and spending a minimum of €2.5 million within three years of completing stage 1.
The MLA process commenced on Tuesday this week and Plymouth representatives are in Spain managing the process along with Valoriza Mineria.
Plymouth recently made an alliance with Chinese lithium producer Shandong Ruifu to work together to optimise the process flow sheet and capital costs during the feasibility study period at San Jose.
The company’s share price increased circa 8% on Wednesday, closing at $0.205.
Plymouth is expected to complete and release the San Jose scoping study shortly.