The Province Resources Ltd (ASX: PRL) share price finished Monday in the red, despite outperforming during the day.
Following a company announcement this morning, the mineral explorer's shares wavered between 14.5 cents and 16 cents, only to land on 13.5 cents at the closing bell.
At those highs, today's return extended gains to more than 59% for the past month of trade, as seen below (returns from March to date).
What did Province announce?
After requesting a voluntary suspension in the trading of its securities on 15 August, the quote for Province Resources shares were today reinstated.
The move coincided with Province's announcement that it has negotiated key terms with Total Eren Australia Pty Ltd to co-develop the HyEnergy green hydrogen project.
Province says that Total Eren is a global renewable independent power producer (IPP). Total Eren owns 3.5 GW of solar and wind farm assets globally.
It is owned in part by TotalEnergies SE (NYSE: TTE), known to be one of the world's largest energy companies.
The agreement creates a 50:50 structure for the project and identifies key roles moving forward through feasibility stages.
Province CEO David Frances responded to the update. He said the key terms demonstrate the company's "unique relationships with stakeholders" in the project.
"It also recognises the deep experience and technical capability that Total Eren brings to the table," he said.
We have ensured that the key terms provide value for Province shareholders and provide the best possible path forward for the project and we look forward to continue our positive relationship with Total Eren.
Further advancements will now be made with the project. This will include key terms laid out as part of the reported deal structure.
Province Resources share price snapshot
In the last 12 months, the Province Resources share price has been on a volatile journey. Nonetheless, Province Resources shares are up 3.57% in that time.
Province Resources closed Monday down 6.9% at 13.5 cents a share.
