Eagle Mountain Mining Limited (ASX:EM2), a copper-gold explorer focused on the strategic exploration and development of the Wedgetail and Silver Mountain Projects in Arizona, USA, has provided an update on its Oracle Ridge Project in Arizona. Following the non-binding indicative offer (NBIO) from Nittetsu Mining Co., announced on November 5, 2025, both companies are actively engaged in due diligence. Five representatives from Nittetsu are currently in Tucson, Arizona, supported by Eagle Mountain’s team and Executive Director, to facilitate the process.
Site visits to the Oracle Ridge Project and core storage facility are in progress, allowing Nittetsu’s team to verify drill core and mine infrastructure. Simultaneously, Nittetsu’s corporate team is involved in detailed discussions regarding the proposed joint venture agreement. Eagle Mountain’s Executive Director, Fabio Vergara, expressed enthusiasm for the ongoing collaboration and the opportunity to strengthen the working relationship with Nittetsu’s team, stakeholders, and consultants.
The due diligence activities are expected to continue through February 2026. Subject to successful due diligence and Nittetsu’s board approval, a potential binding agreement based on the NBIO terms is anticipated to be signed by the end of March 2026.
Eagle Mountain Mining has reminded shareholders wishing to participate in the Entitlement Issue announced on November 11, 2025, to do so by the revised closing date of January 9, 2026. The company has $0.56M cash at 30 Sept 2025 and a market cap of $11M.
