Industrial and precious metals explorer Sunrise Resources has signed another non-binding memorandum of understanding for future sales of perlite from its CS Pozzolan-Perlite project.
As AIM-traded Sunrise had done in April, the firm revealed it had reached an agreement with a "long-established buyer and processor of raw perlite", but kept the identity of the purchaser confidential for "commercial reasons".

Sunrise's second MOU stated that both parties would negotiate a definitive purchase and sales agreement, with commitments to sell and buy a designated minimum quantity of raw perlite over a specified period, subject to "satisfactory testing results and other commercial terms".

Executive chairman Patrick Cheetham, said, "Whilst emphasising that there is no guarantee the MOU agreements will lead to binding offtake agreements, the spirit of cooperation they enshrine are important first steps in developing long-term customer relationships."

"This second MOU is particularly important as the current value of the combined minimum annual offtake tonnages of perlite specified in the two MOUs exceeds that targeted for the start-up of perlite production in the company's internal concept study and so provides additional confidence as we continue with our testwork, mine planning and permitting at the CS Project."

As of 0830 BST, Sunrise shares had shot up 12.90% to 0.18p.

Related share prices
Sunrise Resources (SRES) share price