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Highlights
- ACM expands into Peru with multiple gold and copper assets
- Acquisition includes six high-potential exploration projects
- Initial drilling and technical studies set to begin shortly
Australian Critical Minerals (ASX:ACM) is taking a significant step in its global growth strategy by entering the Peruvian market through a strategic acquisition. The company has signed a binding share purchase agreement to acquire Circuit Resources, a private entity with ownership of several promising gold and copper projects across Peru.
The acquisition brings under ACM’s umbrella three subsidiaries—AU Investments SAC, Pegoco SAC, and Latin Gold SAC—as well as an option to secure full ownership of mineral concessions across six key projects: Blanca, Riqueza, Flint, Cerro Rayas, Liro, and Kamika. These assets are considered highly prospective, not just for gold and copper, but also for silver, lead, and zinc.
To fund exploration and development efforts, ACM is raising $1 million through a two-tranche placement at an issue price of $0.055 per share. Investors will also receive one unlisted option for every two shares, exercisable at $0.10 with a two-year expiry.
The funds will support early-stage exploration and technical studies across the newly acquired Peruvian assets, alongside general working capital needs. As part of the acquisition, ACM will issue 45 million shares and offer additional options and performance rights, including 5 million quoted options exercisable at $0.30 by June 2026 and 5 million performance rights allocated to Managing Director Dean de Largie.
This transaction is subject to key conditions such as shareholder approval, satisfactory due diligence, and a minimum $700,000 capital raise. De Largie emphasized the acquisition’s potential, noting that the combined projects span over 25,000 hectares and include advanced drill-ready targets.
At the Blanca project, ACM intends to commence approval processes for twin, infill, and extension drilling. The project’s option payment, if exercised via shares, stands at US$845,000. The Flint project also holds significant promise, with planned surface sampling and geophysics to be followed by drilling next year. The total option payment here is US$580,000.
Riqueza will see a systematic review of target areas and historical data, with initial drilling to focus on the known vein system while evaluating porphyry potential. Meanwhile, Liro and Kamika are poised for basin modelling and geochemical work post-acquisition finalization.
With this acquisition, Australian Critical Minerals reinforces its mission of sourcing vital resources for a low-carbon future. The company already maintains a strong foundation in Western Australia, with existing operations in iron ore exploration. The Peruvian expansion is poised to add further depth and geographic diversity to ACM’s critical minerals portfolio.
