Patriot’s Zambia Copper Ambitions Hinge on Drilling and Regulatory Approvals

Strategic Acquisition and Exploration Momentum

Patriot Resources Limited has taken a decisive step forward in its copper exploration strategy by signing an agreement to acquire 100% ownership of the Sugarloaf Copper Deposit, located in Zambia's Mumbwa District. This high-grade deposit, supported by historical data indicating an exploration target of approximately 1.6 to 2.5 million tonnes at 2.0–2.5% copper, represents a significant addition to Patriot's portfolio. The acquisition, expected to complete within 90 days pending due diligence and regulatory approvals, positions Patriot close to Sinomine Resources’ Kitumba processing plant, offering potential low-cost development and processing synergies.

New Discovery at Copper Top Hill

Adding to the excitement, Patriot has identified a new copper target named Copper Top Hill within the Sugarloaf licence area. Surface sampling revealed a visibly mineralised syenite-chert body with portable XRF readings reaching as high as 3.12% copper and an average of 0.62% copper over an extensive 800 by 240 metre area. This discovery is geologically akin to the Sugarloaf deposit and nearby Kitumba mine, suggesting promising exploration upside. Diamond drilling has commenced to test the depth and continuity of this mineralisation, with up to 3,000 metres planned to better understand the deposit’s potential and its connection to Sugarloaf.

Funding and Corporate Developments

To support its aggressive exploration program, Patriot successfully raised $2.2 million through an oversubscribed placement, reflecting strong investor confidence. The funds will primarily finance drilling and further exploration activities in Zambia. Concurrently, the company has rebranded itself as Patriot Resources Limited following shareholder approval, signalling a renewed focus on its copper assets. The company also continues to nurture its strategic relationship with Sinomine Resources, exploring toll treatment options at the Kitumba plant, which could streamline future ore processing.

Broader Exploration Footprint

Beyond Sugarloaf and Copper Top Hill, Patriot is advancing its Katwaro Copper-Gold Project, targeting high-grade mineralisation along an 8-kilometre strike. The company’s dominant landholding in the Mumbwa District now covers over 709 square kilometres, making it the largest tenure holder in the region. Meanwhile, exploration continues in Canada at the Gorman Lithium Project, although recent wildfires temporarily impacted local communities. Patriot’s diversified approach underscores its ambition to build a robust pipeline of critical minerals assets.

Financial Position and Outlook

Despite operating cash outflows driven by exploration and corporate costs, Patriot ended the quarter with a healthy cash balance of $1.34 million, bolstered by the recent capital raise. The company anticipates a reduction in expenditure following the current drilling phase as it evaluates results and plans subsequent exploration stages. With no production activities reported yet, the focus remains firmly on resource definition and strategic partnerships to unlock value.