Australian Critical Minerals (ASX:ACM) is set to acquire Circuit Resources, a private company holding significant gold and copper projects in Peru. The acquisition includes AU Investments SAC, Pegoco SAC, and Latin Gold SAC, alongside options to acquire concessions for the Blanca, Riqueza, Flint, Cerro Rayas, Liro, and Kamika projects. ACM views these projects as highly prospective for gold, copper, silver, lead, and zinc.
To fund the acquisition and advance the Peruvian project portfolio, ACM is undertaking a two-tranche placement to raise $1 million at $0.055 per share. Funds will be allocated to initial exploration, technical studies, and general working capital. The acquisition terms involve issuing 45 million shares to Circuit shareholders, along with options and performance rights. Exploration will be prioritized at the Blanca project, with drilling approvals sought immediately. Further exploration programs are planned for the Flint and Riqueza projects, including surface sampling, geophysics, and drill target prioritization. Managing Director Dean de Largie emphasizes the “significant” opportunity, highlighting the scale and quality of the acquired assets and their potential for discoveries.
