Eastinco Mining (EM.P ) has proposed to acquire a portfolio of 15 copper, silver and other base metal exploration projects that are “strategically positioned” close to existing projects in Morocco.
Today, the African-focused strategic metals exploration and mining company unveiled its proposed acquisition of the battery metals focused explorer Aterian Resources which owns a portfolio of highly prospective copper and silver projects totalling 824 km2 in Morocco.
Eastinco entered into a sale & purchase agreement (“SPA”) with AIM & TSX-V listed Altus Strategies Plc (“Altus”) and its wholly owned subsidiary Altus Exploration Management to acquire the entire issued capital of AME’s 100% owned subsidiary Aterian, on Sunday.
Upon completion of the proposed acquisition, Altus Strategies will become a significant shareholder of Aterian, which is advancing a portfolio of 15 exploration projects in Morocco.
Concurrent with the proposed acquisition, Eastinco said it will apply for admission to the Official List and to trade on London’s main market while it will change its name to Aterian.
Eastinco has also raised a total of £0.95m through CLNs with an aggregate value of £0.85m.
Charles Bray, Executive Chairman of Eastinco commented: “I am delighted to report on this proposed acquisition of a significant portfolio of 15 copper, silver and other base metal exploration projects strategically positioned close to existing mining projects in Morocco.”
He said previous exploration undertaken by Altus on the Moroccan assets highlight the strong potential for the discovery of deposits of strategic metals in particular, copper and silver.
Eastinco said the market fundamentals for copper are “excellent” in regard to the anticipated growing demand for renewable energy and the related electrification of transportation globally.
Addressing shareholders today, he added: “We consider this to be the optimal time to broaden and strengthen our asset portfolio across Africa, adding to our established tantalum and tin mining and exploration projects in Rwanda. Our working relationship with Altus will also guarantee a smooth transition to ensure exploration continues in Morocco without interruption.
The proposed listing on the LSE Standard List will provide us with exposure to a wider investor profile and greater liquidity in our shares and therefore a solid platform from which we can continue to grow.
The proposed acquisition and Admission are significant steps towards our goal of building a significant strategic metal exploration and development company.”
Steven Poulton, CEO of Altus Strategies, said the entity will have “a strong and unique portfolio of battery metal exploration and development projects in Morocco and Rwanda.”
Eastinco Mining & Exploration is an investment company established in 2012 to pursue the exploration, development, and trading of African industrial mineral assets. Eastinco is listed on the London Aquis exchange, with focus on tin, tungsten and tantalum mining in Africa.
In June 2021, Eastinco said it had formally signed a new joint venture agreement with a Rwandan entity to expand its portfolio and strengthen its exploration holdings in the area.
The Board said it continues to evaluate opportunities to grow its asset portfolio and further updates will be provided to the market should any of them progress. In April 2021, the Company stated that it has available cash and cash equivalents of around US$0.325m.
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