Eagle Mountain Mining Limited (ASX:EM2) has announced that Nittetsu Mining Co. has completed its due diligence activities related to the Oracle Ridge project. Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge and Silver Mountain Projects, both located in Arizona, USA. The company is now progressing towards the drafting of legal documentation, marking a significant milestone in the potential joint venture.
Subject to Nittetsu’s board approval, the signing of binding agreements is anticipated to occur in April 2026. The non-binding indicative offer (NBIO) from Nittetsu is part of a broader strategy to realise value from the Oracle Ridge project. This includes a renegotiation of the outstanding Vincere debt and an option agreement to re-acquire the Oracle Ridge mine.
Fabio Vergara, Executive Director of Eagle Mountain, stated that this milestone confirms Nittetsu’s commitment to Oracle Ridge. He expressed enthusiasm for working with Nittetsu’s corporate and legal teams to prepare the legal documentation ahead of potential board approval and signing of binding agreements. He added that the strong copper price and buoyant commodity markets provide a perfect backdrop for this transaction and the potential future development of Oracle Ridge.
The ASX announcement was authorised for release by the Board of Eagle Mountain Mining Limited. Further details regarding the agreements and NBIO are available in Appendix 1 of the full announcement.
