The proposed deal would leave Alien with ownership of the project, having taken a 30% stake in November. The deal is worth A$4.9 million in cash and shares.
Alien, which raised A$7.5 million in capital in November, would then expedite exploration.
A historical resource estimate for Munni Munni points to 24 million tonnes at 2.9 grams per tonne PGM and gold. The estimate points to 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium.
"After many millions of exploration and development dollars were spent on these projects, the deposits in these tenements were essentially side-lined due to historically depressed metal prices," Alien CEO Bill Brodie Good said.
"Subsequently, we feel it represents a significant opportunity to Alien shareholders."
