Could Permit Delays Stall Megado’s Ambitious Iberian Copper Drilling Plans?
Megado Minerals has completed the acquisition of an 80% stake in the Iberian Copper Project in Northern Spain, backed by overwhelming shareholder support. The company is advancing geological mapping and preparing for drilling later this year, while also raising A$780,000 through an institutional placement.
- Acquisition of 80% interest in Iberian Copper Project completed
- Over 99% shareholder approval at Annual General Meeting
- Geological mapping underway to identify drilling targets for Q4 2025
- Two exploration permits granted in Aragón, Spain
- A$780,000 placement raised from institutional investors in July 2025
Acquisition and Shareholder Backing
Megado Minerals Limited (ASX, MEG) has successfully completed the acquisition of an 80% interest in the Iberian Copper Project, a significant milestone for the company. The acquisition was overwhelmingly supported by shareholders, with more than 99% voting in favour at the Annual General Meeting held on 29 May 2025. This strong endorsement reflects confidence in the project's potential and Megado's strategic direction.
Project Overview and Historical Context
The Iberian Copper Project spans approximately 956 square kilometres across the Navarra and Aragón provinces in Northern Spain. The region is historically notable for copper oxide mining activities that continued until the 1970s. The project area includes 12 permits, with two already granted and the remainder under application. Importantly, the project encompasses at least 12 historic copper mines and over 50 known copper occurrences documented during a comprehensive exploration program in the 1970s conducted by the Spanish Government and Asturiana de Zinc (now Glencore).
Exploration Progress and Upcoming Drilling
Megado is actively progressing multiple workstreams to prepare for drilling activities scheduled for the second half of 2025. Current efforts include detailed geological mapping to pinpoint high-priority drilling targets, re-assaying over 3,000 historic samples collected during the 1970s exploration, and locating more than 30 historic mines and copper occurrences within the belt. The company aims to leverage this historical data alongside modern exploration techniques to unlock the project's potential.
Permitting and Canadian Projects
During the quarter, Megado secured two exploration permits in Aragón, with expectations for additional permits to be granted soon to facilitate the planned drilling campaign in Q4 2025. Meanwhile, Megado retains 100% ownership of two Canadian lithium and gold projects, the Cyclone Lithium and Gold Project and the K Lithium Project, both located in Quebec's James Bay District. Recent geological mapping at the Cyclone project is under analysis, with potential partnerships being considered to advance exploration.
Capital Raising and Financial Position
To support its exploration activities, Megado completed a placement in early July 2025, raising A$780,000 from existing institutional shareholders at A$0.02 per share. The company ended the June quarter with A$2.26 million in cash, having spent A$281,000 on exploration and A$209,000 on administration and compliance. This financial position provides a runway to advance the Iberian Copper Project and other assets.
Bottom Line?
With drilling permits pending and exploration ramping up, Megado Minerals is poised for a pivotal phase that could redefine its growth trajectory.
Questions in the middle?
- What initial drilling results can investors expect from the Iberian Copper Project in late 2025?
- How will Megado prioritise targets within the extensive 956 km2 project area?
- What are the prospects for securing additional permits and potential partnerships for the Canadian lithium and gold projects?
