Eagle Mountain Mining Expands Partnership with Nittetsu Mining via New Strategic MOU

Strengthening Strategic Alliance Beyond Oracle Ridge

Formalizing their collaboration, Eagle Mountain Mining and Nittetsu Mining signed the MOU in July 2026, building upon their April 2026 joint venture at the Oracle Ridge Project in Arizona. Under this partnership, Nittetsu owns 80% and operates the project, while Eagle Mountain maintains a 20% free-carried interest until a US$20 million expenditure milestone is met. The new MOU marks an evolution of their relationship, reflecting mutual confidence in extending cooperation beyond the current asset.

Fabio Vergara, Executive Director of Eagle Mountain Mining, recently visited Nittetsu's management in Tokyo and toured their Research and Development Center, where metallurgical samples from Oracle Ridge will be analyzed. This high-level engagement highlights the robust working relationship and shared commitment to expanding their partnership. The timing of the MOU signing aligns with the positive momentum of the Oracle Ridge joint venture and indicates both companies view collaboration as a strategic advantage in the global mining industry.

Comprehensive Collaboration Scope Under the MOU

The MOU provides a structured framework for Eagle Mountain and Nittetsu to jointly identify, assess, and evaluate new mineral projects. Both parties will examine the technical, economic, and strategic merits of opportunities to decide on potential transactions. The agreement targets assets involving copper, zinc, lead, gold, silver, nickel, and lithium, with flexibility to consider other commodities. Geographically, the focus is on Australia and North America, with the possibility of exploring other jurisdictions. The asset stages covered range from early exploration to advanced exploration, pre-development, and production, enabling the companies to pursue value-enhancing projects aligned with their strategic goals.

Oracle Ridge Project: Core Asset and Joint Venture Foundation

The Oracle Ridge Project underpins the Eagle Mountain and Nittetsu partnership and represents a significant mineral resource. As per the November 2023 Mineral Resource Estimate at a 0.8% copper cut-off, the project contains 28.2 million tonnes grading 1.35% copper, 11.06 grams per tonne silver, and 0.16 grams per tonne gold. This equates to approximately 380,000 tonnes of contained copper, 10 million ounces of silver, and 142,000 ounces of gold across all resource categories.

Previously mined in the 1990s, Oracle Ridge benefits from extensive underground and surface infrastructure, reducing capital expenditure for future development. Located in Arizona’s premier copper mining region, home to major deposits such as Bagdad, Miami, and Resolution, the project is operated by Nittetsu as the 80% owner, with Eagle Mountain’s 20% interest free-carried until the US$20 million expenditure threshold is reached.

Nittetsu Mining’s Global Presence and Metallurgical Expertise

Nittetsu Mining Co. Ltd is an established base metals and limestone producer with operations in Chile, Peru, and Japan, providing broad geographic diversification and supply chain integration. The company holds an interest in the Hibi copper smelter, offering downstream processing capabilities that complement its exploration and mining activities. This operational depth brings both capital and technical expertise to its partnership with Eagle Mountain.

Nittetsu’s Research and Development Center in Tokyo, where metallurgical testing of Oracle Ridge samples will occur, underscores its commitment to technical evaluation and recovery optimization. This facility supports informed project assessments, adding significant value beyond financial investment.

MOU’s Non-Binding Nature and Operational Flexibility

The MOU is non-binding and does not obligate either party to proceed with any specific transaction. It is effective for 24 months unless extended or terminated by mutual consent. This timeframe offers a clear period for collaboration while allowing reassessment based on outcomes and market conditions.

The agreement is explicitly non-exclusive, enabling both Eagle Mountain and Nittetsu to pursue other projects independently or enter similar partnerships elsewhere. Non-circumvention clauses protect against bypassing the collaborative process for projects identified under the MOU. This balance between cooperation and independence is typical for early-stage strategic mining alliances.

Eagle Mountain’s Project Portfolio and Growth Strategy

Eagle Mountain Mining Limited is a copper-gold explorer with a portfolio focused on the Oracle Ridge and Silver Mountain Projects in Arizona, USA. Oracle Ridge is the company's advanced exploration asset with a substantial mineral resource, while Silver Mountain offers exploration potential for base and precious metals with porphyry and volcanogenic massive sulphide characteristics.

The company is actively seeking new acquisitions to complement its holdings. Supported by the collaborative framework with Nittetsu, Eagle Mountain aims to expand its asset base and enhance shareholder value through both organic exploration progress and inorganic growth. With a market capitalization of $7.67 million and 1.53 billion shares outstanding, alongside $3.1 million in cash as of 31 March 2026, Eagle Mountain maintains a solid capital base for ongoing exploration and corporate activities.

Investor Impact and Capital Efficiency Benefits

The MOU offers Eagle Mountain shareholders access to a capital-backed partner with operational expertise and a strong commitment to the Oracle Ridge Project. Through this collaboration, Eagle Mountain may leverage Nittetsu’s equity capital and technical support for new acquisitions, potentially minimizing shareholder dilution. The non-exclusive nature preserves Eagle Mountain’s strategic flexibility to pursue other opportunities or partnerships.

The 24-month term establishes a clear evaluation window for both companies to demonstrate collaborative value. Early identification of promising projects could enable Eagle Mountain to act swiftly on attractive opportunities. Investors should watch for announcements of formal transactions or binding agreements arising from the MOU, which would signify tangible progress in expanding the company’s asset portfolio.

Geographic and Commodity Diversification Strategy

Focusing on Australia and North America aligns with Eagle Mountain’s existing Arizona assets while potentially expanding its footprint into Australia, a region rich in copper and other base metals. The inclusion of lithium reflects evolving market demand driven by battery technologies. The broad commodity scope provides flexibility to pursue emerging opportunities as market conditions and exploration results develop.

By targeting projects at various stages—from early exploration to production—the companies balance risk and capital deployment. Early-stage assets offer higher upside with longer timelines, while pre-development and production assets typically present lower risk and quicker returns. This staged approach allows tailored portfolio management aligned with strategic objectives.

Regulatory and Market Context of the Announcement

Authorized by Eagle Mountain Mining Limited’s Board, the July 2026 announcement follows the April 2026 binding agreements for Oracle Ridge, indicating swift progress in formalizing broader collaboration. Disclosure of MOU terms—including duration, non-binding and non-exclusive provisions, and non-circumvention clauses—provides transparency to shareholders and market participants.

Management commentary from both companies highlights trust, quality of personnel, and anticipated collaborative benefits, positioning the partnership as a positive strategic development for Eagle Mountain and Nittetsu.