Norfolk Metals acquires US$50M Chilean copper project
Norfolk Metals (ASX:NFL) announced the acquisition to secure a 100% interest in the Ciclón Copper Project in Chile for a total consideration of US$50 million.
The transaction, targeted to close in August, comprises US$45 million in cash and US$5 million in Norfolk shares.
Situated within the prolific Domeyko Cordillera—proximal to major operations like El Salvador and Franke—Ciclón represents a permitted, high-grade, advanced epithermal system.
It hosts a foreign mineral resource estimate of 10.1 million tonnes at 2.97% copper equivalent reported under NI 43-101.
The project received its environmental qualification resolution in December 2025, granting approval for underground mining operations, processing plant facilities, and supporting infrastructure.
To fund the acquisition and subsequent exploration, Norfolk plans to raise a minimum of $100 million via a public offer of ordinary fully paid shares underwritten by a prospectus.
This public offering will be lead managed by Petra Capital, with Beacon Securities and JP Equity Partners serving as co-managers.
In tandem with the acquisition, Norfolk will strengthen its leadership team by appointing experienced Australian mining executives Anthony McClure as executive chairman and Andrew Bray as non-executive director.
Messrs McClure and Bray have personally committed $10 million to the public offer, subject to shareholder approval.
The deal also includes the acquisition of a proximal portfolio of early-stage exploration assets for an additional US$5 million payable in Norfolk shares.
