EuroPacific Metals Announces Amended Earn-In Agreement for Barrancos Copper-Gold Project
07.06.2024 | NewsDirect
EuroPacific Metals CEO Karim Rayani joined Steve Darling from Proactive to announce an amendment to the company's earn-in and partnership agreement with BMP Holding and Indice Crucial Lda for the Barrancos copper-gold project. This project comprises the Aparis Copper mine and the Lirio gold project, along with advanced exploration applications for the Bigorne and Vilariça copper-gold projects in northern Portugal.Rayani explained that the revised agreement allows for more funds to be directed towards ground operations. Under the new terms, EuroPacific Metals will pay BMP €15,000 in cash, issue 500,000 ordinary shares, and provide 500,000 warrants at 7.5 cents over five years to secure a 60% stake in Indice Crucial Lda (ICL). An additional cash transfer of €15,000 within the next three months will increase their participation to 80%. To acquire the remaining 20% and achieve 100% ownership of ICL, EuroPacific Metals must pay BMP €800,000 within five years of obtaining a mining license, with half paid in cash and the other half in EuroPacific shares.
This new, more favorable deal structure aims to ensure that a greater portion of funds are allocated to on-ground exploration and development, enhancing the potential success of these promising copper-gold projects.
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