Aruma Resources acquires copper and uranium assets in game-changing play

Cloud PRWire

May 27, 2024
by Cloud PR Wire

–News Direct–

Aruma Resources Ltd (ASX: AAJ) managing director Glenn Grayson sits down with Jonathan Jackson in the Proactive studio to talk about the game-changing acquisition of a portfolio of copper and uranium exploration assets located in tier-1 mineral precincts in South Australia and Queensland. The assets include the Wilan IOCG-Uranium Project in the Olympic Dam precinct of South Australia and the Fiery Creek Copper Project and Bortala Copper Project in the Mt Isa region of Queensland. These projects offer potential for copper-gold discoveries (stratiform and IOCG), as well as uranium targets at the Wilan Project. As part of the acquisition, Aruma will issue NHM Holdings (Australia) Pty Ltd (NHMHA) shareholders 26.5 million fully paid AAJ ordinary shares, which will be under a six-month voluntary escrow. Additionally, Aruma will grant 24.5 million non-transferable options exercisable into one ordinary AAJ share upon securing drilling approvals at the Wilan Project and 28 million options exercisable into one ordinary AAJ share upon reporting a significant drill intercept. Furthermore, a 2% Net Smelter Return (NSR) will be paid to NHMHA shareholders on any minerals extracted and sold from the new projects. The due diligence on the projects has been successfully completed and the acquisition is pending Aruma shareholder approval. Post-acquisition, Aruma plans to initiate targeted field work programs to define and drill test priority targets.