Loyal Metals (ASX: LLM) has entered into a binding agreement to acquire the Highway Reward copper-gold mine in Queensland from Highway Copper Gold, a private company. Loyal Metals is a critical minerals and technology company focused on developing resource projects. The acquisition marks a strategic move to broaden its portfolio beyond hard rock lithium, focusing on high-grade copper and gold assets.
The Highway Reward mine is considered among the highest-grade copper developments globally. It boasts a history of significant production, including 3.65 million tonnes at 5.7% copper and 260,000 tonnes at 4.5 grams per tonne gold. Despite substantial increases in copper and gold prices since a 1997 feasibility study, the project has seen no modern exploration since mining ceased in 2005.
Loyal Metals’ managing director, Adam Ritchie, highlighted the potential of the acquisition. He said the Highway Reward offers a significant speed-to-market opportunity, especially with copper and gold prices near all-time highs. The company intends to leverage modern technology and innovative mining techniques to unlock the mine’s potential and deliver value to shareholders. Upon completion of the acquisition, Loyal Metals will gain access to a digitised exploration and mining database, analysed using AI-based mining software, to develop 3D models and identify further mineralisation.
