OZZ Resources to acquire WA Nickel-Copper-Cobalt Project

OZZ Resources (ASX:OZZ) announced a binding agreement to acquire a 100% interest in Sulphide Minerals, securing full ownership of the highly prospective Bedaburra Nickel-Copper-Cobalt Project.

Located in the Murchison region of Western Australia, the project spans approximately 43.54 square kilometres across two granted exploration licences, E52/4179 and E52/4195.

Geological assessments indicate the area is highly prospective for two principal styles of nickel mineralisation, including laterite-hosted nickel-cobalt mineralisation derived from the in-situ weathering of ultramafic rocks.

To fund aggressive exploration activities across these newly acquired tenements, the Perth-based junior explorer intends to raise up to $5 million (before costs) via a public share offer. However, completion of the acquisition remains conditional upon several key milestones.

These include securing OZZ shareholder approval, obtaining necessary regulatory clearances, and successfully executing the equity raise.

The transaction is tied to the lifting of the current suspension on the company's securities. OZZ intends to re-comply with Chapters 1 and 2 of the ASX Listing Rules, repositioning itself on the Australian Securities Exchange as a dedicated junior exploration company.

The acquisition aligns OZZ with the global energy transition, focusing its portfolio on critical minerals like nickel, copper, and cobalt that are pivotal to the green energy sector.

Following the satisfaction of all conditions precedent, OZZ will hold both legal and beneficial interests in the project.