Narryer Metals acquires Redhill Copper Project
- Narryer Metals to acquire 100% of the Redhill Copper Project in southern Chile.
- 29Metals agrees to subscribe for $1 million in placement shares at a 54% premium.
- Transaction provides Narryer Metals entry into Chile's copper jurisdiction and establishes an immediate JORC resource base.
Narryer Metals (ASX:NYM) has executed an agreement to acquire 100% of the Redhill Copper Project in Chile by issuing 20 million company shares.
The transaction grants the business full ownership of a district-scale copper and precious metals asset with an established JORC resource of 4.3 million tonnes.
"The Redhill Copper Project represents a rare, district-scale opportunity in a premier, mining-friendly jurisdiction," said Narryer Metals Executive Chairman Richard Bevan.
Under the deal terms, Narryer will also make a $1 million milestone payment upon delineating a 12-million-tonne resource at 2% copper equivalent, alongside securing a $1 million strategic investment from $29 Metals (ASX:29M) at $0.10 per share.
The business stated that the acquisition provides an operational entry point into Chile with immediate opportunities for project growth.
Following the announcement, the Narryer Metals share price was unchanged at $0.093.
Narryer is an Australian mineral exploration company focusing on critical minerals across multiple mining jurisdictions.
