Strategic Energy Resources (ASX:SER) has entered into an agreement to acquire 100 per cent of the Diamantina Copper-Gold Project in western Queensland from Anglo American Exploration Australia, a subsidiary of Anglo American (LSE:AAL). Strategic Energy Resources is focused on discovering world-class copper and nickel sulphide deposits in tier-one jurisdictions. The company’s mission is to generate opportunities and create wealth for its shareholders through the discovery and development of resources.
Under the terms of the sale and purchase agreement, Strategic Energy will acquire two exploration licences and three adjoining licence applications within the project area. The initial consideration includes $150,000 in cash and $150,000 in shares to Anglo American upon execution. A further payment of the same value will be made upon completion of a conduct and compensation agreement with landholders or 12 months after the initial payment.
The shares issued will be priced at a 50 per cent premium to the monthly volume weighted average price (VWAP), with a minimum price of $0.01, subject to ministerial approval for the transfer of exploration permits. Anglo American will also retain a 2 per cent net smelter royalty (NSR) on goods produced from the exploration licences, which Strategic Energy can repurchase up to two months after completing a Bankable Feasibility Study. The company may purchase 0.5 per cent of the NSR for $10 million, or 1 per cent for $30 million, and commits to spending a minimum of $1 million on exploration within the first two years. Failure to meet this minimum expenditure allows Anglo American to claw back the two licences.
Strategic Energy’s Managing Director, David DeTata, stated that this acquisition provides access to the southern extensions of the Mount Isa Inlier, complementing the company’s existing Isa North and Canobie projects. The company plans to conduct a thorough review of the project’s geophysical and drill core data during the tenement transfer process. Concurrent with land access agreement negotiations, a site visit is planned to prepare for ground exploration later this year, with drilling anticipated to commence in early 2026.
