REG - Talisman Metals PLC - Acquisition of the Tirzzit Copper Project
16/02/2026 07:00
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RNS Number : 0178T Talisman Metals PLC 16 February 2026
Talisman Metals PLC
("Talisman" or the "Company")
Acquisition of the Tirzzit Copper Project
Dublin, Ireland, 16 February 2026 - Talisman announces it has signed an
agreement to acquire the Tirzzit Copper Project ("Tirzzit" or the "Project")
from a wholly-owned subsidiary of Aya Silver & Gold Inc. (TSX: AYA; OTCQX:
AYASF) ("Aya"), the Company's 4.7% shareholder. The Project consists of two
mining licenses ("ML's") covering a surface area of 16.5km(2) within the
Agadir regional mining department, Kingdom of Morocco ("Morocco"), and located
225km east of the city of Agadir, Morocco. Tirzzit is located 85km north-east
of the Company's existing Tizert Project.
Talisman's CEO, Tim McCutcheon, said: "The acquisition of Tirzzit builds out
our project pipeline with a more advanced target, which has great upside
potential based on the results of historical exploration work. Talisman's
ability to acquire this project on very favourable terms is a testament to the
corporate development work the team has done, and its collaboration with Aya
to take on earlier-stage copper projects that are a better fit for Talisman
than for our multi-billion-dollar market cap peer. Over the coming months, we
will take the existing data to determine our development plan and update
shareholders accordingly."
GEOLOGY
The Tirzzit deposit is classified as a sediment-hosted stratiform Cu-Ag system
(SHSC) developed within the Neoproterozoic-age Adoudou Formation that is the
host for multiple similar copper-silver deposits throughout the region,
including the Tizert Copper-Silver Mine with an estimated mineral resource of
130M tonnes which is presently entering commercial production. Talisman has
several licenses in the Tizert area, which the Company labels "Tizert
Project". The area's copper-rich mineralisation occurs in specific sedimentary
units (carbon-rich siltstone and the base of dolomitic limestone) that can be
readily traced where the shallow-dipping units outcrop at surface.
Figure 1: Project Location Map
Figure 2: Malachite (copper-carbonate) mineralisation (left) typical of that
observed in the outcropping sedimentary host units (right).
HISTORICAL EXPLORATION
A summary of past exploration activities describes extensive work undertaken
by Moroccan Government agency BRPM between 1972 and 1976 ("BRPM Reports"),
including channel sampling in pits (70m) and trenches (225m) and 3 exploration
adits and raise (1,679m), mapping and grab-sampling of outcropping rocks, and
4,978m of drilling (35 drill holes).
Key drill intersections included 3.16% Cu over 2.5m at 224m downhole (TT28),
0.60% Cu over 11.4m from 72.8m (TT6), and 2.08% Cu and 36 g/t Ag over 2.25m
from 319.5m (TT32) with observations of mainly Malachite, and on occasions
Bornite and Chalcocite. Grab samples of outcropping zones of mineralisation
included 6.00% Cu from malachite-rich limestone and 4.60% Cu from chalcocite
rich limestone and up to 2.56% Cu in siltstones (data from BPRM Reports).
Recent work undertaken and reported during 2019-2025 incorporated ASTER remote
sensing to map out alteration, airborne geophysical surveys (SkyTEM, VLF and
Aero Magnetics), stream sediment sampling (43 samples), and detailed mapping
with grab sampling (117 samples), resulting in the delineation of structural
and stratigraphic controls to the mineralisation and confirmed positive copper
contents of outcropping sedimentary units. Additionally, a Talisman site
visit in February 2026 confirmed mineralised zones exposed over approximately
3km up to 6 meters of apparent thickness in the centre of the ML package.
Important Disclaimer: the Company has not yet undertaken any work to verify
the above reported results in accordance with JORC (2012) and therefore these
results should be treated with caution (note detailed Disclaimer below).
TRANSACTION
Talisman's wholly owned subsidiary, Horizons Mines SARL has entered into an
agreement, conditional only on registration of the licence and the entering
into an SPA on the same terms, to acquire the two ML's. To complete the
acquisition of Tirzzit, Talisman will pay to Aya's wholly-owned subsidiary
200,000 Moroccan Dirhams (approximately £16,000). Concurrently, Talisman
agreed to enter into a binding agreement pursuant to which it will assign a
non-core license within the region of Boumadine, Morocco, to Aya (via its
wholly-owned subsidiary). The MLs expire on 29/07/2028 and 16/11/2028 and are
renewable under Moroccan regulations. Upon completion of the acquisition, the
MLs will be reregistered to Talisman's wholly-owned Moroccan subsidiary.
Following the transaction, Talisman's core Exploration Permits and Mining
Licenses will be as follows:
Core Exploration Permits
Asset Holder Status Permit No.
Argana Project Horizon Mines Exploration 3942221
3942215
3942216
3942217
3942220
Tizert Project Horizon Mines Exploration 3942226
3942218
3942219
3942418
3942419
Tirzzit Project Horizon Mines Mining 393478
393507
End
For further information:
Talisman Metals PLC
Tim McCutcheon (Chief Executive Officer and Director)
Tel +353 (0) 1 525 6710
contactus@talismanmetalsplc.com (mailto:contactus@talismanmetalsplc.com)
Beaumont Cornish Limited (Nominated Adviser)
James Biddle / Roland Cornish
Tel: +44 (0) 207 628 3396
CMC Markets UK Plc (Broker)
Thomas Smith / Thomas Curran
Tel: +44 (0) 20 3003 8255
BlytheRay (Financial PR)
Megan Ray / Said Izagaren
Tel: +44 (0) 20 7138 3204
talismanmetals@blytheray.com (mailto:talismanmetals@blytheray.com)
Qualified Person
The technical disclosure in this news release has been approved by Fabien
Linares, MSc, MAusIMM, a Qualified Person as defined in JORC 2012. The
scientific and technical information summarized in this disclosure and related
to historic exploration was reviewed by Mr. Linares and he has visited the
Project area. Mr. Linares is Head Geologist of Talisman Metals PLC and has
sufficient experience that is relevant to the commodity, style of
mineralisation or type of deposit under consideration and activity which he is
undertaking to qualify as a Competent Person under the JORC code (2012
Edition).
JORC Code (2012) - Historical Exploration Results Disclaimer
The information in this announcement that relates to historical reported
exploration results is based on, and fairly represents, information and
supporting documentation prepared by previous operators and/or extracted from
historical reports.
The historical exploration results referred to in this announcement were
reported prior to the introduction of the JORC Code (2012) and have not been
reported in accordance with the JORC Code (2012).
A Competent Person has not done sufficient work to disclose the historical
exploration results in accordance with the JORC Code (2012). It is possible
that following further evaluation and/or exploration work, the accuracy and
reliability of the historical exploration results may not be confirmed.
The Company has not independently verified the historical exploration results,
and no assurance can be given that future exploration work will result in the
confirmation or upgrade of the historical results to JORC Code (2012)
compliant Mineral Resources or Ore Reserves.
The Company considers the historical exploration results to be relevant as
they provide an indication of the potential of the project. However, the
information should not be relied upon as a representation of the current
mineral resource or exploration potential.
Nominated Adviser Statement
Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated
Adviser and is authorised and regulated in the United Kingdom by the Financial
Conduct Authority. Beaumont Cornish's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM Rules for
Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont
Cornish is not acting for and will not be responsible to any other person for
providing the protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the transaction and arrangements described in the
announcement or any matter referred to in it.
Technical Glossary
A small number of terms used in this notice are defined below to ensure
clarity.
Sediment-hosted stratiform copper (SHSC)
Copper mineralisation confined to a single sedimentary layer or a small number
of closely associated sedimentary layers. The copper minerals in near-surface
oxidized material usually comprise mixed copper oxides and copper carbonates,
the latter usually dominated by the copper carbonate malachite. Below the
depth of oxidation (weathering) the copper minerals comprise mostly copper
sulfides. Silver minerals are a relatively common component of this kind of
mineral deposit.
Percentage (%)
Metal contents reported here as percentages in mass.
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