Perpetual Resources Ltd (ASX: PEC) has announced a definitive agreement to acquire a 100% interest in the historic Nevada Scheelite Mine in Mineral County, Nevada, USA. Perpetual Resources is an ASX-listed company pursuing exploration and development of critical minerals essential to global new energy requirements, with existing interests in lithium and tungsten in Brazil, and a silica sand project in Western Australia. The acquisition of the Nevada Scheelite Mine, historically one of the highest-grade tungsten producers in the United States, marks a significant expansion of the company’s critical minerals portfolio into a Tier 1 mining jurisdiction.
The Nevada Scheelite Mine boasts a rich production history, yielding approximately 328,747 short ton units of tungsten trioxide (WO₃) at an average grade of about 1.1% WO₃ between 1937 and 1957. This historical grade compares favourably with many current global tungsten development projects. Furthermore, the acquisition includes four patented mining claims, providing full private ownership of mineral and surface rights. This unique advantage is expected to significantly streamline permitting processes and potentially compress future development timelines, complementing substantial existing infrastructure like shafts and over 2,100 metres of underground drifts.
To support this strategic acquisition and upcoming work programs, Perpetual has successfully secured firm commitments for a A$2.5 million placement at A$0.02 per share. Funds from the placement will be allocated towards the cash component of the acquisition, project validation, and exploration activities across the company’s portfolio. The acquisition involves staged payments totalling up to US$1,925,000 in cash and US$1,900,000 in shares over four years, alongside a 2% net smelter return royalty. Perpetual intends to define a pathway toward a maiden JORC-compliant Resource at Nevada Scheelite, capitalising on the projected growth of the global tungsten market, driven by increasing strategic demand and supply chain security focuses.
