Richmond Hill (SHNJ) has modified its binding term sheet with Three Mile Beach which provides for the acquisition by the company of mineral exploration licences in Quebec and its proposed admission to the Aim market.
The long stop date has been changed from 30 June 2025 to 15 October 2025.
“It is unfortunate that the reverse takeover has been held up by an administrative delay in Quebec and it is now likely that admission to Aim will occur in early to mid-September,” said Richmond Hill director Hamish Harris.
“However, on a fortuitous note, since Richmond Hill entered into the transaction, a number of very positive things have happened, including the receding threat of USA tariffs on China, the copper price appreciating significantly and last but not least, the return of a semblance of liquidity to UK junior markets.”
At 30 June 2025, Gunsynd (GUN) had loans outstanding of £144,259 and holds 3,590,594 ordinary shares representing approximately 3.43% of the issued share capital of Richmond Hill.
Peter Ruse, director of Gunsynd, also commented on the favourable backdrop, mentioning new highs for copper prices and Donald Trump’s 50% tariffs on copper.
“This price rally has also been attributed to a significant reduction in LME copper inventories, which have fallen by approximately 65% year-to-date,” he added.
“Traders have been redirecting copper shipments to the US in anticipation of potential Section 232 tariffs, leading to a sharp backwardation in the market. Copper is a critical element in electric vehicles, the power grid, military hardware and many consumer goods.”
Copper climbed by as much as 17% during yesterday’s 2025 trading sessions, reaching highs of approximately $5.70 per pound.
Post completion of the transaction, Richmond Hill will own the Saint Sophie copper project in Quebec, Canada. The project covers 87 square kilometres and is located in the Beauce region of Quebec, 60 kilometres south of the Becancour battery park and 150 kilometres north-east of Montreal.
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Richmond Hill remains on track to complete this acquisition, which looks useful in the context of the wider macroeconomic environment. The new copper price strength has coincided with an unexpected buoyancy in the mining equities markets, and should provide a supportive environment for Richmond to make its debut in, when it does come to list on Aim in September.