11:26 AM EST, 01/03/2025 (MT Newswires) -- Rhyolite Resources (RYE.V) on Friday said it terminated its option to earn an 80% interest in the Brothers property in Suriname after discussions with the vendors to amend the original agreement failed.

The company received US$62,000 for agreeing to the termination.

Rhyolite had 18 months to complete US$3.5 million in exploration expenditures including 10,000 meters of drilling and pay US$400,000 cash to earn a conditional 60% interest or an unconditional 49% interest. Discussions with the property vendors on amending the original agreement to reflect the exploration results to date were unsuccessful, Rhyolite said.

Rhyolite was last seen unchanged at $0.08 on the TSX Venture Exchange.