Oracle Ridge Option Secured; $1.66M Raised as Nittetsu Eyes 80% JV Stake
Eagle Mountain Mining has made significant strides this quarter, including a $1.66 million capital raise and a potential joint venture with Japan’s Nittetsu Mining to develop its Oracle Ridge copper project.
- Option agreement signed to re-acquire Oracle Ridge mine infrastructure
- Loan renegotiation reduces debt burden with Vincere Resource Holdings
- Non-binding indicative offer from Nittetsu Mining for 80% JV stake
- Placement raises $1.66 million from sophisticated investors
- Exploration continues at Silver Mountain with permit renewals underway
Corporate Progress and Strategic Partnerships
Eagle Mountain Mining Limited (ASX – EM2) has reported a busy quarter ending 31 December 2025, marked by key corporate developments that could reshape its project pipeline. Central to this was the signing of an option agreement with Marble Mountain Ventures LLC to re-acquire the Oracle Ridge mine infrastructure and mineral rights. The Mineral Resource Estimate for Oracle Ridge stands at 28.2 million tonnes grading 1.35% copper, alongside significant silver and gold credits, positioning it as a valuable asset in Eagle Mountain’s portfolio.
In parallel, the company successfully renegotiated its loan agreement with Vincere Resource Holdings LLC, reducing the outstanding debt from US$7.25 million to a potential early repayment of US$2.5 million within 12 months. This restructuring eases financial pressure and aligns with the company’s strategic plans for Oracle Ridge.
Potential Joint Venture with Nittetsu Mining
A standout development was the receipt of a non-binding indicative offer from Nittetsu Mining Co., Ltd, a well-established Japanese mining and smelting company. Nittetsu proposes to earn an 80% interest in a joint venture covering the Oracle Ridge and Wedgetail projects by contributing US$20 million over four years. This includes funding to exercise the MMV option and extinguish the Vincere loan, effectively jump-starting project advancement with a reputable partner at the helm.
The JV structure envisages Eagle Mountain being free-carried until Nittetsu’s contributions reach US$20 million, after which Eagle Mountain can choose to maintain its 20% stake or dilute accordingly. The arrangement also grants Nittetsu 100% off-take rights on commercial terms, underscoring the strategic value of the partnership.
Capital Raising and Exploration Activities
To support these initiatives, Eagle Mountain raised $1.66 million through a placement to sophisticated investors during the quarter, followed by a non-renounceable entitlement offer that closed successfully post-quarter, raising an additional $1.98 million. These capital injections bolster the company’s cash position, which stood at $1.717 million at quarter-end.
Exploration efforts continued at the Silver Mountain Project in Arizona, a region known for world-class copper deposits. Although two exploration permits were cancelled due to administrative oversights, new applications have been lodged and are progressing. The company is reassessing its exploration strategy at Silver Mountain, reflecting the heightened interest in US copper and precious metals assets.
Looking Ahead
While no mining production occurred during the quarter, Eagle Mountain’s focus on advancing Oracle Ridge through strategic partnerships and capital management sets a promising stage for the coming months. The company’s ability to convert the Nittetsu offer into a binding agreement and progress exploration at Silver Mountain will be critical to unlocking shareholder value.
Bottom Line?
Eagle Mountain’s next moves on the Oracle Ridge JV and exploration strategy will be pivotal for its growth trajectory.
Questions in the middle?
- Will Nittetsu finalise a binding joint venture agreement and on what timeline?
- How will Eagle Mountain manage dilution risks post-JV formation?
- What are the prospects and timelines for renewed exploration success at Silver Mountain?
