Divestment of Cangai Copper Mine
02/12/2024 07:00
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RNS Number : 2778O Castillo Copper Limited 02 December 2024
2 December 2024
CASTILLO COPPER LIMITED
("Castillo", "CCZ" or the "Company")
Divestment of Cangai Copper Mine
Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is delighted to confirm that
Infinity Mining's (ASX: IMI) shareholders approved the Cangai Copper Mine
Project acquisition at a General Meeting(1) held on Thursday, 28 November 2024
and a binding Tenement Sales Agreement has now been executed between the
parties.
HIGHLIGHTS:
· Under the terms of the divestment, IMI will issue CCZ 40m shares and
20m options (5-years @ $0.07 exercise price) as consideration for the
acquisition(1)
· Consequently, with CCZ becoming a significant shareholder, it should
benefit from any value created as IMI's plans to undertake a comprehensive
exploration campaign across the Cangai Copper Mine Project unfold
· The successful divestment of the Cangai Copper Mine Project (for
equity consideration) is CCZ's second non-core asset sale in the last
12-months:
o Pleasingly, value created from exiting the position in ASX-listed Rimfire
Pacific Mining NL (ASX: RIM) - received from selling the Broken Hill West
Project - will be redeployed to advance the Harts Range Niobium-Uranium
Project in the Northern Territory(2)
· For the remaining coppers assets, the Board's plans are two-fold:
o Secure a strategic partner to progress the NWQ Copper Project, commencing
with the Big One Deposit; and
o Hold the remaining two non-core assets - Broken Hill East Project in NSW
and Mkushi Copper Project in Zambia - until they are sold
Ged Hall, Chairman, commented: "This is excellent news as it coincides with
CCZ shortly changing its name to New Frontier Minerals and rechannelling
efforts into developing the Harts Range Uranium, Niobium and Rare Earth
Elements Project in the Northern Territory. The Board's strategy to hold
non-core assets until the right development partner materialises has the
potential to unlock significant value that can be redeployed to advance the
core Harts Range Project. The Board has an exciting exploration agenda for
2025 and looks forward to progressing this at an accelerated pace."
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and Corporate Broker) +44 (0)1483 413500
Nick Emerson
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
Harry Chathli, Alexis Gore, Henry Gamble
ABOUT CASTILLO COPPER
Castillo Copper Limited is an Australian-based focussed explorer, with a
strategy to develop multi-commodity assets that demonstrate future potential
as an economic mining operation.
Through the application of disciplined and structured exploration, Castillo
Copper has identified assets deemed core and is actively progressing these
interests up the value curve.
Current focus will be on advancing exploration activity at the Harts Range
Niobium, Uranium and Heavy Rare Earths Project which is circa 120km north-east
from Alice Springs in the Northern Territory.
Other interests include the NWQ Copper Project, situated in the copper-belt
district circa 150km north of Mt Isa in Queensland, Broken Hill Project in
western New South Wales and exploration targets in Zambia.
Castillo Copper is listed on the LSE and ASX under the ticker "CCZ".
REFERENCES
1) IMI ASX Releases - 28 October 2024 and CCZ ASX Release - 3 October
2024
2) CCZ ASX Release - 28 October 2024
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