Key points
- Acquisition of 100% Redhill Copper Project in Chile
- High-grade JORC Resource of 4.3Mt at 1.7% Cu, 33 g/t Ag, 0.3 g/t Au
- Large Exploration Target of 16-49Mt with potential for significant growth
- Acquisition consideration includes 20m NYM shares and $1m milestone payment
- Strategic investment from 29Metals Limited
Full summary
Narryer Metals Limited (ASX:NYM) has announced the acquisition of the Redhill Copper Project in Chile, a district-scale, high-grade copper and precious metals asset. The acquisition includes an existing JORC Resource of 4.3 million tonnes at 1.7% copper, 33 grams per tonne silver, and 0.3 grams per tonne gold, with a large exploration target of 16-49 million tonnes. The acquisition consideration comprises 20 million NYM shares and a $1 million milestone payment upon achieving a 12 million tonne resource at 2% copper equivalent. Additionally, 29Metals Limited will invest $1 million in Narryer, subscribing for placement shares at a 54% premium to the current market price. The transaction is expected to close by 31 December 2026, subject to regulatory conditions.
Outlook
Narryer Metals anticipates significant growth potential from the Redhill Project through exploration and resource expansion, with a focus on converting the exploration target into a mineral resource.