Norfolk Metals Secures $3M Earn-In Deal for Chile Copper Project

Strategic Acquisition in Chile’s Atacama Region

Norfolk Metals Limited (ASX:NFL) has taken a significant step forward by entering into a binding earn-in agreement to acquire a 70% interest in the Carmen Copper Project (CCP), located in Chile’s prolific Atacama Region. The deal, announced on March 31, 2025, commits Norfolk to fund A$3 million in exploration expenditure over three years, with an option to acquire the remaining 30% upon completion of the earn-in period.

The Carmen Copper Project spans 46.6 square kilometers across 22 contiguous exploration and exploitation licenses in the Huasco Province. It boasts multiple mineralised targets along a 7.5-kilometer strike length, with copper mineralisation evident from surface. Notably, the project lies just 16 kilometers from the Nueva Unión joint venture, a major copper development operated by Teck and Newmont, underscoring the region’s rich copper endowment.

Robust Due Diligence and Exploration Planning

Norfolk has already completed two site visits alongside Transcendence Mining Pty Ltd personnel, the subsidiary holding the project option, and due diligence is well advanced. The company plans to announce details of a maiden drilling program shortly, aiming to delineate oxide copper resources suitable for a low-cost, high-margin heap leaching operation. Historical drilling and metallurgical test work indicate promising copper recoveries of 72-82%, supporting the project's potential as a scalable copper oxide heap leach operation.

To oversee exploration, Norfolk and Transcendence will form a joint operating committee, leveraging local expertise from Transcendence’s team, including Jason Greive and David Fowler, who bring valuable in-country experience.

Capital Raising and Financial Position

Supporting the transaction, Norfolk has secured firm commitments for a A$1 million capital raising, including contributions from project vendors and the Norfolk Board, subject to shareholder approval at an Extraordinary General Meeting scheduled for May 29, 2025. The company ended the quarter with a strong cash position of A$2.07 million, having spent A$230,000 on exploration and evaluation activities and $102,000 on corporate and administrative costs during the quarter.

Ongoing Project Development and Exploration

Beyond the Carmen Copper Project, Norfolk continues to advance its Orroroo Uranium Project in South Australia and the Roger River Project in Tasmania. At Orroroo, the company is progressing uranium target delineation and working with stakeholders to integrate geophysical surveys with existing water well infrastructure. At Roger River, tenure rationalisation was completed in late 2024, with ongoing efforts to meet expenditure commitments and explore potential partnerships for further exploration.

These complementary projects maintain Norfolk’s diversified exposure across copper, uranium, and gold-copper prospects, positioning the company for multiple growth avenues.

Looking Ahead

With shareholder approval pending and exploration plans advancing, Norfolk Metals is poised to unlock value from the Carmen Copper Project’s promising copper oxide resources. The upcoming maiden drill program will be a critical milestone, potentially validating the project’s economic potential and shaping the company’s growth trajectory.