The Conversation (0)
Asara Resources Limited (ASX: AS1; Asara or Company)) is pleased to announce that following the conclusion of litigation (Civil Claim) against the Company in Chile, it has received a cash payment of USD$100,000 (A$153,725)1in relation to its US$17.6m Option and Joint Venture Agreement (Agreement) with Teck Resources Chile Limitada (Teck Chile)2 on its Loreto Copper Project (Loreto) located in Northern Chile.
Transaction Terms
Pursuant to the Agreement, Teck Chile has been granted options, to earn up to a 75% interest in Loreto by making US$600,000 in staged cash payments and spending US$17m on exploration.
First Option
Asara has granted Teck Chile an option to acquire a 55% interest in Loreto (the First Option). Teck Chile may exercise the First Option by incurring an aggregate of US$5,000,000 in expenditures on Loreto and by making US$600,000 in cash payments to Asara as set out in the schedule below. The dates for remaining payments, are tied to the Permit Date.
Second Option
If Teck Chile exercises the First Option, Teck Chile shall have a further option to acquire an additional 20% interest in Loreto, by incurring an additional US$12,000,000 in expenditures over the ensuing four-year period (the Second Option).
Loreto Project Litigation
As announced on 8 May 2025, Asara successfully concluded legal proceedings brought against the Company as outlined in its ASX Announcement dated 15 November 2023. As part of the settlement, Asara was required to sell 25.26% of its interest in the Loreto Project to Costa Rica Dos SpA (Costa Rica Dos) for approximately A$87,122 with payment to be made through future profits generated in the context of the Agreement with Teck Chile. Accordingly, Asara is not required to remit the requisite portion of the recent payment to Costa Rica Dos.
Click here for the full ASX Release
This article includes content from Asara Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AS1:AU
Asara Raises $2.3M in Placement to Underpin Exploration Program at Kada and Makes Executive Changes
Following completion of the Placement, Mr. Timothy Strong has stepped down as Managing Director and Mr. Matthew Sharples has been appointed Chief Executive Officer. Mr. Strong will remain on the Board as Executive Director – Corporate Strategy & Affairs.
Executive Director, Tim Strong commented:
‘’We are pleased that Barbet have continued to show their commitment to the Company and its flagship Kada project by participating in a further Placement. This Placement will allow the Company to fastrack its exploration efforts.
I am also delighted to welcome Matt Sharples to the management team. Matt, who joined the Company as a consultant in October 2024, has been instrumental in recommencing operations at Kada. Matt provides a wealth of knowledge, and an undeniable passion for Guinea and I look forward to supporting him as we move the Kada project through the value chain towards a feasibility study. Both Matt and I are confident of the resource potential of Massan and the surrounding areas which will be drill tested in the coming months.’’
Placement Details
The Placement is comprised of the issue of 104,517,541 fully paid ordinary shares (Placement Shares) at an issue price of $0.022 raising $2,299,385.90 (before costs). per share. Following the Placement, Barbet holds 19.89% of the Company.
The proceeds of the Placement will be applied towards an upcoming drill program and exploration activities at Kada and general working capital. The Placement Shares will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1, and accordingly no shareholder approval is required. The Placement Shares will rank pari passu with existing securities on issue.
Executive Changes
Chief Executive Officer
Matthew has been appointed Chief Executive Officer, effective 14 February 2025. Matthew Sharples is a mining professional with over 20 years of experience in mine development, investment consulting and M&A. Matt specialises in the geological evaluation and development of gold projects, with a particular focus on project development from the initial stage to production.
Matt was Co-Founder and CEO of the private mining fund Sycamore Mining. Under his stewardship, the group's flagship asset, the Kiniero Mine (Guinea), grew from a total resource base of 1.5Moz Au to 3.5Moz Au (JORC) and was sold to Robex Resources in 2022 for a project valuation of US$160m. Matt has worked worldwide in the mining and resources industry, in the UK, Africa, Asia and Australia, with Robex, Sycamore, Wood Mackenzie, Xstrata and BHP Billiton.
Matt holds an MSc in Basin Evolution and Dynamics, Royal Holloway, University of London, United Kingdom, and a BSc in Geology, University of Durham, United Kingdom. Matt is a director and shareholder of substantial shareholder, Barbet L.L.C FZ.
The material terms of Matthew Sharple’s employment agreement are as follows:
Click here for the full ASX Release
This article includes content from Asara Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Australian Critical Minerals to acquire significant gold and copper portfolio in mineral rich Peru
Highlights
- ACM has entered into a binding Share Purchase Agreement to acquire 100% of the issued capital of Circuit Resources Pty Ltd which owns several potentially transformational gold and copper projects in highly prospective locations in Peru.
- Targeting gold and copper, with high grade silver and base metals a secondary focus.
- Blanca Gold Project is a low-sulphidation epithermal quartz vein with substantial previous drilling and trenching identifying high grade gold.
- Drill results include:
- Bonanza drill grades to 52.8g/t Au over 1.5 metres within 9.5m @ 11.27 g/t Au
- 4m @ 3.97 g/t Au, including 1.75m @ 7.5 g/t Au
- 1.5m @ 22.68 g/t Au within 5m @ 7.04 g/t Au
- 1.2m @ 8.13 g/t Au within 7.37m @ 2.44 g/t Au
- 6m @ 2.31 g/t Au (refer to Figure 4 and Appendices 3 and 4 for full results of the drill and trench sampling program). (1,2,3)
- Only partially drilled - 2km of the 3km strike remains to be drilled
- Drill results include:
- The Riqueza Copper-Silver Project is a district-scale, intermediate-sulphidation vein system extending over a 10 km strike length, which has undergone substantial exploration by previous operators.
- Copper grades from 1% to 8.7% and silver assays to 2,238 g/t in historic surface rock chip samples
- The Flint Gold Project hosts a 6 sq km high-sulphidation system with strong geophysics and geochemistry,
- directly bordering Peñoles’ San Juan copper deposit—highlighting shallow gold potential.
- Cerro Rayas hosts eight high-grade zinc-lead-silver workings along 8 km, with rock chips grading over 40% Pb+Zn—showcasing standout exploration potential (refer to Figure 15 and Appendix 6 for further details).
- Completion of oversubscribed $1m placement to support exploration across new and existing projects.
Australian Critical Minerals Managing Director, Dean de Largie commented, “The acquisition of Circuit Resources is a significant opportunity for ACM, delivering a pipeline of high-impact exploration projects across gold, copper, silver, zinc, and lithium in Peru. The scale and quality of these assets—spanning over 25,000 hectares— give us immediate drill-ready targets and exceptional scope for new discoveries.
Projects like Riqueza, with high-grade copper-silver veins over several kilometres and proximity to majors like Anglo American, offer Tier-1 potential. Blanca has already demonstrated strong gold mineralisation, while Cerro Rayas and the Salar projects provide exposure to critical metals with potentially strong demand tailwinds.
This acquisition significantly strengthens our portfolio, and we’re excited to begin unlocking value with aggressive exploration in the near term.”
Figure 1 – Location of Circuit Resources Projects
Circuit Resources Project Overview
Circuit Resources owns or has the right to acquire 100% of six projects comprising 37 mining concessions covering 25,600 Ha in Peru. Refer to Appendix 5 for a summary of the mining concessions to be obtained through the acquisition of Circuit.
Click here for the full ASX Release
This article includes content from Australian Critical Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
